India’s goods exports rise 16.78% in June to $37.94 billion

BL New Delhi Bureau | | Updated on: Jul 04, 2022

Trade deficit, however, widens to a record $25.63 billion as imports rise 51.02% to $63.58 billion

India’s goods exports rose 16.78 per cent in June (year-on-year) to $37.94 billion, led by sectors that include petroleum products, electronic goods, gems and jewellery and ready-made garments, according to preliminary trade data released by the Commerce & Industry Ministry.

Trade deficit, however, expanded to a record $25.63 billion during the month, with imports increasing by a steep 51.02 per cent to $ 63.58 billion. Increase in imports was fuelled by items such as petroleum, gold, electronics, coal and chemicals.

Rise in exports in June was not spread across all major sectors, with some items such as engineering goods, pharmaceuticals, yarn, fabric &and made-ups, and plastic and linoleum posting a decline.

Ukraine war

Some exporters fear that the slowdown in the world economy, emanating largely from the Russia-Ukraine war, may have started dampening global trade. “In the wake of 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 compared to $9.29 billion in June 2021,” said Mahesh Desai, Chairman, EEPC India.

Non-petroleum exports in June 2022 increased 5.53 per cent to $ 30.12 billion, which indicates that export growth in sectors other than petroleum has been moderate.

Import of  non-petroleum products registered a growth of 36.36 per cent to $ 42.84 billion in June 2022. 

Goods export in April-June in this fiscal increased 22.22 per cent to $ 116.77 billion. Imports of goods during the first quarter of FY23 rose 47.31 per cent to $ 187.02 billion. Trade deficit in the first quarter of the fiscal was $70.25 billion. 

“Though the government has announced a slew of measures to support exports, there is a need to further push value-added exports, augment container manufacturing and develop an Indian shipping line of global repute,” said A Sakthivel, President, FIEO.

Increasing the validity of RoSCTL and RoDTEP scrips (schemes for remission of input duties) to 24 months and linking transferability with realisation, extending RoDTEP to EOUs, SEZ and Advance Authorisation and expanding usages of RoDTEP and RoSCTL scrips are some of the other demands made by FIEO.

Published on July 04, 2022
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