Tatsat Chronicle Magazine

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Trade Deficit Touch A Record High Of $70.25 Billion In The First Quarter Even As Exports Increase By 16.78% in June

Merchandise imports shoot up by 51.02% in June to $63.58 billion, while non-petroleum imports increase by 36.36%

Export Trade
David Dibert | PxHere

India’s trade deficit touched the high-water mark of $70.25 billion in the April to June quarter of the financial year 2022-2023 with June alone accounting for a deficit of $25.63 billion.

In June, India achieved a monthly value of merchandise export amounting to $37.94 billion, an increase of 16.78% over $32.49 billion during the same period last year. India’s merchandise export in April-June 2022-23 was $116.77 billion with an increase of 22.22% over $95.54 billion in April -June 2021-22.

The value of non-petroleum exports in June 2022 was $30.12 billion, registering a positive growth of 5.53% over non-petroleum exports of $28.54 billion in June 2021. The cumulative value of non-petroleum exports in April-June 2022-23 was $92.49 billion, an increase of 11.92% over $82.65 billion in April-June 2021-22.

The value of non-petroleum and non-gems and jewellery exports in June 2022 was $26.75 billion, registering a positive growth of 4% over non-petroleum and non-gems and jewellery exports of $25.72 billion a year ago. The cumulative value of non-petroleum and non-gems and jewellery exports in April-June 202223 was $82.43 billion, an increase of 12.19% over the cumulative value of non-petroleum and non-gems and jewellery exports of USD 73.47 billion in April-June 202122.

Petroleum products (98.01%), electronic goods (50.66%) and RMG of all textiles (44.67%) were the primary export drivers in June 2022.

India’s merchandise import in June 2022 was $63.58 billion, an increase of 51.02% over  $42.1 billion over the corresponding period last year. India’s merchandise imports in April-June 2022-23 were $187.02 billion with an increase of 47.31% over $126.96 billion in the same quarter a year ago.

The value of non-petroleum imports was $42.84 billion in June 2022, registering an increase of 36.36% over non-petroleum imports of $31.42 billion in June 2021. The cumulative value of non-petroleum imports in April-June 202223 was $126.95 billion, showing an increase of 32.18% compared to non-oil imports of $96.04 billion in April-June 202122.

The value of non-oil, non-GJ (gold, silver & precious metals) imports was $36.7 billion in June 2022, which is an increase of 31.71% over non-oil and non-GJ imports of $27.87 billion last year. Overall, non-oil, non-GJ (Gold, Silver & Precious Metals) imports in April-June 2022-23 increased to $107.14 billion, recording a positive growth of 32.55%, as compared to non-oil and non-GJ imports of $80.83 billion in April -June 2021-22.

The widening trade deficit will keep putting inflationary pressure on the economy, which has seen a record increase in inflation over the past couple of quarters.

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