India has received very good news on the export front. India’s exports in the first quarter amounted to $200 billion.
Inflation figures have been keeping the government awake for the past few days. Where retail inflation has crossed 5 percent. On the other hand, wholesale inflation is at its highest level in 16 months. Now a news has come to light that provides relief to the government. India performed better on the export front in June compared to last year.
The increase in exports means that the demand for the country’s goods is increasing in foreign markets. However, there has also been an increase in imports and this figure is estimated at 5 percent in the month of June. Let us also tell you what kind of export and import figures have been seen in the country.
Exports and imports increased in June
According to data released by the government on Monday, the country’s goods exports rose 2.56 percent to $35.2 billion in June. In the same month last year, exports amounted to $34.32 billion. According to the data, imports rose nearly five percent to $56.18 billion in June, compared with $53.51 billion in the same month last year. In the month under review, the trade deficit (difference between imports and exports) stood at $20.98 billion.
Exports could reach $800 billion
Giving information on the export figures, Commerce Secretary Sunil Barthwal said that considering the current trend, the country’s total export of goods and services may cross the $800 billion mark in the current financial year. He said that the export of goods and services during the first quarter of 2024-25 has been about $200 billion.
India’s merchandise exports in May rose 9.1 per cent to $38.13 billion, while the trade deficit widened to a seven-month high of $23.78 billion. During April-June of the current financial year, exports rose 5.84 per cent to $109.96 billion and imports rose 7.6 per cent to $172.23 billion.
