After the good news on the inflation front, the country has not received any special news on the export and import front. India’s exports and imports declined on a year-on-year basis in the month of July. What is special is that the trade deficit in the month of June was seen lower in June after being at its highest in 7 months. It has seen an increase of about $2.5 billion. Let us also tell you what kind of export and import data the Commerce Department has seen.
India’s exports fell, imports rose
According to government data released on Wednesday, India’s exports of goods fell by 1.2 percent year-on-year in July to $33.98 billion. In the same month last year, this figure was $34.39 billion. What is special is that in June this figure was $35.2 billion. According to experts, the country’s exports are declining due to the decline in demand from abroad. This trend has been observed continuously for the past few months.
On the other hand, there has been a rise in import figures. According to government data, India’s imports rose by around 7.45 per cent to $57.48 billion. While in the same month last year it was $53.49 billion. In the month of June, due to increased shipments of items like petroleum products, electronics and metals, imports rose by 4.9 per cent to $56.18 billion.
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Increase in the country’s trade deficit.
On the other hand, the country’s trade deficit has seen a larger deficit in the month of July. According to the data, the trade deficit in July amounted to 23.5 billion dollars. The difference between imports and exports is called the trade deficit. Last month, the trade deficit narrowed to 20.98 billion dollars in June, which was a seven-month high of 22 billion dollars in May, but in June last year, the country’s trade deficit was estimated at 19.2 billion dollars.
Last year’s record will be broken
Commerce Secretary Sunil Barthwal told reporters after releasing the figures that looking at the current trends, it shows that the country’s total exports of goods and services will surpass last year’s figures. The country’s merchandise exports rose by 2.56 per cent to $35.2 billion in June. However, during this period the trade deficit had widened to $20.98 billion. In the first four months (April-July) of the current financial year (2024-25), exports rose by 4.15 per cent to $144.12 billion, while imports rose by 7.57 per cent to $229.7 billion.
