The export of merchandise increased by 23.52% and that of services increased by 22.04%

According to the latest data released by the Union Ministry of Commerce & Industry, India's total exports (merchandise and services combined) are estimated to have reached USD 64.91 billion in June 2022, representing a rise of 22.95% over the same month in 2021.

In the first quarter of FY 22-23 (April to June 2022), total exports (merchandise and services) are estimated to be USD 189.93 billion, representing an increase of 25.16% over the same period in 2021.

While on the other hand, in June 2022, total imports are estimated to have reach USD 82.42 billion, representing a rise of 55.72% over the same time last year. Overall exports for the first quarter of FY22-23 are projected to be USD 235.11 billion, up 49.41% over the same time in 2017.

Regarding merchandise, its exports in June 2022 totalled 40.13 billion dollars, up from USD 32.49 billion dollars in June 2021, representing an increase of 23.52%. On the other hand, its imports in June 2022 totalled USD 66.31 billion, up 57.55% from its imports in June 2021 of USD 42.09 billion.

The expected merchandise trade deficit in June 2022 was USD 26.18 billion, up from USD 9.60 billion in June 2021, an increase of 172.72%.

Talking about services, the value of its exports for June 2022 is USD 24.77 billion, representing an increase of 22.04% from June 202. On the other hand, its imports for June 2022 are USD 16.11 billion, representing an increase of 486.2% over June 2021.

The projection for the services trade deficit in June 2022 is USD 8.67 billion, a decrease of 8.41% from June 2021, the Ministry of Commerce and Industry said.