India’s June trade deficit in line with expectations
5:48 am Friday, July 14th, 2023
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.
(Reporting by Shivangi Acharya and Riddhima Talwani; Editing by Christina Fincher, Robert Birsel)
