India’s Commerce Landscape: Imports Surpass Exports, Leading to Expanded Trade Deficit
India’s merchandise imports surged 31% year-on-year to $70.84 billion in June, driven by increased purchases of crude oil, electronics, machinery, and precious metals. In contrast, merchandise exports rose 15.5% to $40.41 billion during the same month, according to commerce secretary Rajesh Agarwal. Despite the growth in exports, the trade deficit widened to $30.43 billion.
During the April-June quarter of the current financial year, exports increased by 15.92% to $129.32 billion, while imports rose 19.89% to $216.18 billion. Notably, gold imports in the first quarter reached $11.01 billion, up from $7.49 billion in the same period last year. Exports to Middle Eastern countries also saw a rise, increasing 7.29% to $5 billion in June.
Commerce and industry minister Piyush Goyal recently urged states to identify products that can be manufactured competitively in India to reduce import dependence. He emphasized that such initiatives would help save foreign exchange and strengthen domestic supply chains. Goyal also called for the establishment of export committees and regular interactions with exporters to enhance trade performance. Additionally, he announced a 90-day initiative under the districts as export hubs program, targeting measurable outcomes in 120 priority districts across 27 states and Union Territories.
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