July 15th 2024.
In a recent update from the government, it was reported that India's exports of goods saw a moderate increase of 2.56% in the month of June, reaching a total of $35.2 billion compared to $34.32 billion in the same month last year. Similarly, imports also experienced a growth of about 5%, amounting to $56.18 billion in June as opposed to $53.51 billion in June 2019.
The trade deficit, which is the difference between imports and exports, stood at $20.98 billion in June. This was shared by Commerce Secretary Sunil Barthwal during a media briefing, where he also mentioned that based on the current trend, India's total exports of goods and services for the fiscal year may exceed $800 billion.
During the first quarter of the fiscal year 2024-25, India's exports of goods and services reached a total of approximately $200 billion. This is a promising sign for the country's economy, showing steady growth in the midst of global challenges.
In May, India's merchandise exports had seen a significant rise of 9.1%, reaching $38.13 billion. However, this growth was accompanied by a widening trade deficit of $23.78 billion, the highest in the past seven months. As for the first quarter of the current fiscal year, the total exports of goods and services amounted to $109.96 billion, a 5.84% increase compared to the same period last year. Imports also grew by 7.6%, reaching $172.23 billion.
These figures demonstrate a positive trend in India's trade sector, despite the ongoing challenges faced by the global economy. The government remains optimistic about the country's export potential, forecasting a potential growth of over $800 billion for this fiscal year.
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