India’s merchandise trade deficit hits $70.25 billion in Q1
06 Jul 2022
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India added $25.64 billion to its trade deficit in June 2022, taking overall trade deficit for the April-June 2022-23 quarter to $70.25 billion. India’s merchandise exports during the first quarter of 2022-23 jumped 22.2 per cent to $116.7 billion, while imports shot up by 47.31 per cent to $187.02 billion.
Merchandise exports from the country increased by 16.78 per cent to $37.94 billion in June 2022, from $32.49 billion in June 2021. For the April-June 2022-23 quarter merchandise exports from the country stood at $116.77 billion with an increase of 22.22 per cent against $95.54 billion in April-June 2021-22.
On the other hand, merchandise imports into the country increased by 51.02 per cent to 63.58 billion in June 2022 against $42.1 billion in June 2021. For the April-June 2022-23 quarter imports increased by 47.31 per cent to $187.02 billion from $126.96 billion in April-June 2021-22.
Value of non-petroleum exports in June 2022 stood at $30.12 billion, showing a growth of 5.53 per cent against $28.54 billion in June 2021. Cumulative value of non-petroleum exports in April-June 2022-23 stood at $92.49 billion, an increase of 11.92 per cent over exports valued at $82.65 billion in April-June 2021-22.
Petroleum products (98.01 per cent), electronic goods (50.66 per cent) and RMG of all textiles (44.67 per cent) led the increase in exports during June 2022.
Value of non-petroleum imports stood at $42.84 billion in June 2022, showing a growth of 36.36 per cent over imports valued at $31.42 billion in June 2021. Cumulative value of non-petroleum imports in April-June 2022-23 stood at $126.95 billion, showing an increase of 32.18 per cent compared to imports valued at $96.04 billion in April-June 2021-22.
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