India’s merchandise trade deficit has widened to a record $26.18 billion in June 2022, which is wider than the government’s earlier estimate of $25.63 billion. the Commerce Ministry modified upwards both the exports and imports figures for the month. The previous record monthly India merchandise trade deficit was $24.3 billion in May 2022. Last month’s trade deficit was almost three times as wide as the $9.6 billion shortfall recorded in June 2021.
- Goods exports increased by 23.5% to exceed $40.1 billion (the preliminary estimate was $38 billion).
- Imports surged 57.5% to $66.3 billion on the back of higher buying of coal, gold and petroleum products.
- Coal imports increased almost fourfold to $6.76 billion while gold imports almost increased trebled to surpass $2.7 billion.
- Petroleum imports increased 99.5% to $21.3 billion.
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