India’s June trade deficit in line with expectations
2023.07.14 06:54
© Reuters. FILE PHOTO: Cargo containers are seen stacked outside the container terminal of Jawaharlal Nehru Port Trust (JNPT) in Mumbai, India, July 15, 2015. REUTERS/Shailesh Andrade/File Photo
By Shivangi Acharya and Riddhima Talwani
NEW DELHI (Reuters) -India’s merchandise trade deficit in June was in line with expectations at $20.13 billion, according to a Reuters calculation based on export and import data released by the government on Friday.
Merchandise exports stood at $32.97 billion, while imports were $53.10 billion in June. In the previous month, merchandise exports were $34.98 billion, while imports stood at $57.10 billion.
Economists expected a June trade deficit of $20.10 billion, according to a Reuters poll.
India’s exports remained weak for several reasons including a slowdown in the world’s major economies, Trade Secretary Sunil Barthwal told reporters.
Services exports in June were $27.12 billion, while imports were $15.88 billion. In May, services exports were $25.30 billion and imports were $13.53 billion.
For the April-June period, services and merchandise exports fell 7.3% year-on-year to $182.7 billion, while imports fell 10.2% to $205.29 billion.
Barthwal also said India and Britain were expected to soon reach agreement on five contentious issues in their negotiations on a free trade agreement.
They have been struggling to conclude their free trade talks because of differences on some tariff lines and investment protection rules.
