- By Aditya Pratap Singh
- Mon, 15 Jul 2024 03:58 PM (IST)
- Source:PTI
India's merchandise exports in June increased 2.56 percent to US$35.2 billion from US$34.32 billion in the same month last year, according to the government data released on Monday. In comparison to US$53.51 billion a year ago, imports in June increased by almost 5% to $56.18 billion. The trade deficit, or the gap between imports and exports, during the month under review, amounted to US$20.98 billion.
Commerce Minister Sunil Barthwal addressed a press conference on the data and stated that the country's total exports of goods and services might exceed US$800 billion this fiscal year, according to the current trend.
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He went on to say that goods and services exports during the first quarter of 2024-2025 amounted to about $200 billion. India's merchandise exports in May climbed 9.1 percent to US$38.13 billion, even as the trade deficit widened to a seven-month high of US$23.78 billion.
Exports grew 5.84 percent to US$109.96 billion and imports climbed 7.6 percent to US$172.23 billion during the April-June period of this fiscal year.
The country's wholesale inflation rate climbed to a 16-month high of 3.36 percent in June due to rising food prices, particularly vegetables and manufactured items. This was the fourth consecutive month that inflation has shown an upward trend. The inflation rate based on the wholesale price index was 2.61 percent in May. It was (-) 4.18 percent in June 2023.