India’s total exports—merchandise and services combined—in June this year were worth an estimated $65.47 billion, registering a growth of 5.4 per cent year on year (YoY), according to the data released by the ministry of commerce and industry.
Total imports for the month were worth an estimated $73.47 billion, registering a YoY growth of 6.29 per cent.
The country’s total exports during the second quarter (Q2) this year were worth an estimated $200.33 billion—a growth of 8.6 per cent YoY. Total imports during that quarter were estimated to be worth $222.89 billion—a growth of 8.47 per cent YoY.
Merchandise exports during June were worth $35.20 billion compared to $34.32 billion in the same month last year, while such imports during the month were worth $56.18 billion compared to $53.51 billion in June 2023.
Merchandise exports during Q2 2024 were worth $109.96 billion compared to $103.89 billion during the corresponding quarter last year, which such imports during the quarter were worth $172.23 billion compared to $160.05 billion during Q2 2023.
Merchandise trade deficit during Q2 2024 was $62.26 billion compared to $56.16 billion during Q2 2023.
Exports of carpet; readymade garments of all textiles; man-made yarn, fabrics, made-ups, etc; and cotton yarn, fabrics, made-ups, handloom products, etc witnessed YoY growths of 10.64 per cent, 3.68 per cent, 2.79 per cent and 0.92 per cent respectively during June, a release from the ministry said.
Imports of raw & waste cotton and leather & leather products dropped by 26.16 per cent and 17.38 per cent YoY respectively during June.
India’s top five export destinations, in terms of change in value, exhibiting YoY growth in June this year were the United States (5.98 per cent), the United Arab Emirates (UAE, 13.81 per cent), Malaysia (93.82 per cent), Bangladesh (25.2 per cent) and Tanzania (59.13 per cent).
The top five export destinations, in terms of change in value, exhibiting YoY growth in Q2 2024 were the Netherlands (41.33 per cent), the United States (10.4 per cent), the UAE (17.62 per cent), Malaysia (81.84 per cent) and Singapore (26.55 per cent).
The top five import sources, in terms of change in value, exhibiting YoY growth in June were the UAE (48.15 per cent), China (18.37 per cent), Russia (18.57 per cent), Indonesia (23.22 per cent) and the United States (10.65 per cent).
The top five import sources exhibiting YoY growth in Q2 2024 were the UAE (35.68 per cent), Russia (19.72 per cent), China (8.34 per cent), Iraq (27.64 per cent) and Indonesia (17.92 per cent).
