According to figures issued by the commerce and industry ministry today, India's goods trade deficit reached a new high of USD 25.63 billion in June, rising 166.7% year over year, primarily as a result of an increase in oil imports.
In June, the trade deficit increased by $1.34 billion from the previous month. India's exports of goods rose by 16.78% year over year in June to USD 37.94 billion. From 20.55 percent in May to 48.34 percent in June 2021, the growth of exports slowed. Engineering, pharmaceutical, and plastic product exports showed negative growth during the month under study.
The amount of crude oil imported in June increased 94% to USD 20.73 billion. In June 2022, imports of coal and coke increased to USD 6.41 billion from USD 1.88 billion in June 2021. The amount of gold imported during the month increased significantly by 169.5% to USD 2.61 billion. In terms of exports, petroleum product export shipments increased by 98% to USD 7.82 billion. Shipments of gems and jewellery surged by 19.41% to USD 3.37 billion.