India's trade deficit widens in June; imports & exports up 55% & 23% each

India’s overall exports, merchandise and services combined, are estimated to have grown 22.95% year-on-year in June 2022, at around US$64.91 billion, the Ministry of Commerce & Industry said in a press release on Thursday. For the same period, the overall imports are estimated to be $82.42 billion, up 55.72% over the same period last year.

The merchandise trade deficit in the month of June widened to $26.18 billion from $9.60 in June 2021. While the overall trade deficit widened to $17.52 in June this year from $0.14 in June 2021.

In the first quarter of the ongoing fiscal, the merchandise trade deficit widened from $31.42 billion in Q1FY22 to $70.80 in Q1FY23. The overall trade deficit in the same period swelled from $5.61 billion to $45.18 billion.

Coal, coke & briquettes' imports saw a growth of 260% YoY in June 2022. Imports of silver and gold saw an increase of 6,540% and 182.81% respectively.

The overall exports grew 25.16% in the 1st quarter of the ongoing fiscal, estimated to be at $189.93 billion. Imports in Q1FY23 are estimated to be at $235.11 billion, up 49.41% over the same period last year.

Merchandise exports in June 2022 stood at $40.13 billion, up 23.52% on a YoY basis. Merchandise imports saw a growth of 57.55% YoY and stood at $66.31 billion.

Non-petroleum and non-gems & jewellery exports in June saw a growth of 8.65%, at $27.94 billion while imports saw a growth of 38.30% at $38.53 billion.