India's merchandise exports rose by 16.8 per cent to $37.9 billion in June 2022, while imports soared by 51.02 per cent to $63.58 leading to a trade deficit of $25.63 billion during the month, as per the government data released on Monday.
In the first quarter of the current financial year, India's merchandise export rose to $116.77 billion, recording an increase of 22.22 per cent over $95.54 billion recorded in April -June 2021-22.
India's merchandise imports in April-June 2022-23 period stood at $187.02 billion, an increase of 47.31 per cent over $126.96 billion in April-June 2021-22, according to data released by the Ministry of Commerce & Industry.
The trade deficit in June 2022 was $25.63 billion, while it stood at $70.25 billion during April-June 2022-23 period.
The value of non-petroleum exports in June 2022 was $30.12 billion, registering a positive growth of 5.53 per cent 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 per cent 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 per cent over non-petroleum and non-gems and jewellery exports of $25.72 billion in June 2021. The cumulative value of non-petroleum and non-gems and jewellery exports in April-June 2022-23 was $82.43 billion, an increase of 12.19 per cent over the cumulative value of non-petroleum and non-gems and jewellery exports of $73.47 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 way in a high increase in exports during June 2022.
However, exports of engineering goods declined during the month.
Reacting to the monthly data EEPC India Chairman Mahesh Desai said, "The slowdown in the world economy emanating largely from the Russia-Ukraine war is seen dampening the global trade. In the wake of the negative spillover of the war, engineering goods export has been affected. This has reflected in the latest monthly trade data with engineering exports declining 1.57 per cent year-on-year in June to $9.14 billion as compared to $9.29 billion in June 2021."
"Going forward, the intensity of any further impact would depend on how long the global uncertainties persist. The high volatility in commodity prices, higher logistics cost and geo-political tensions remain key concerns," Desai said.
The value of non-petroleum imports was $42.84 billion in June 2022 with a positive growth of 36.36 per cent over non-petroleum imports of $31.42 billion in June 2021. The cumulative value of non-petroleum imports in April -June 2022-23 was $126.95 billion, showing an increase of 32.18 per cent compared to non-oil imports of $96.04 billion in April-June 2021-22.
The value of non-oil, non-GJ (gold, silver & Precious metals) imports was $36.7 billion in June 2022 with a positive growth of 31.71 per cent over non-oil and non-GJ imports of $27.87 billion in June 2021.
Non-oil, non-GJ (Gold, Silver & Precious Metals) imports in April -June 2022-23 stood at $107.14 billion, recording a positive growth of 32.55 per cent, as compared to non-oil and non-GJ imports of $80.83 billion in April-June 2021-22.
( With inputs from ANI )
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