<p>India’s trade deficit narrowed to $20.98 billion in June from $23.78 billion recorded in the previous month as exports increased, helped by a robust jump in shipments of engineering, electronics and pharma products, government data released on Monday showed.</p><p>Merchandise exports increased to $35.20 billion in June from $34.32 billion recorded in the same month last year posting a growth of 2.6 per cent. The country’s imports increased at a sharper pace of 4.9 per cent It increased to $56.18 billion in June 2024 from $53.51 billion recorded in June 2023.</p><p>While on a month-on-month basis there was an increase in trade deficit, it widened when considered annually. In June 2023 trade deficit stood at $19.19 billion.</p>.China's economy falters as property, consumer pain worsens.<p>Overall exports, merchandise and services combined, increased by 5.4 per cent year-on-year to $65.47 billion in June, led by robust growth in services exports. During the April-June quarter overall exports jumped by 8.6 per cent to $200.33 billion. In Q1 of a year it has crossed the $200 billion mark for the first time ever.</p><p>Commerce Secretary Sunil Barthwal said the overall export is likely to hit a record $800 billion mark in the current financial year.</p><p>“For the first time in Q1 we crossed $200 billion. If this trend continues, we will be crossing $800 billion in exports this fiscal,” Barthwal said.</p>.<p>Merchandise exports during April-June quarter increased to $109.96 billion from $103.89 billion recorded in the corresponding period of the last year. Merchandise imports during the period under review jumped to $172.23 billion from $160.05 billion in April-June 2023, as per data released by the Ministry of Commerce and Industry.</p><p>Merchandise trade deficit widened to $62.26 billion in the first three months of the current financial year from $56.16 billion recorded in the corresponding period the <br>last year.</p><p>The growth in the outbound shipments was led by engineering goods, electronics, drugs and pharmaceutical products.</p>.<p>“Our exports to eight of our top ten markets including US, UAE, Netherland, UK, Saudi Arabia, Bangladesh, Germany and Malaysia were positive except with minor declines in China and Singapore, with many of them recording healthy double-digit growth,” Federation of Indian Export Organisations (FIEO) President Ashwani Kumar said.</p><p>Engineering goods exports increased by 10.3 per cent to $9.39 billion. “The positive growth in exports for the second consecutive month is quite encouraging and hopefully the performance will continue despite several challenges the engineering exports sector is facing,” said EEPC India Chairman Arun Kumar Garodia.</p><p>“Among the major headwinds the industry is facing are high freight rates, protectionist measures from major export partners, and muted demand in some key markets,” Garodia added. </p>
<p>India’s trade deficit narrowed to $20.98 billion in June from $23.78 billion recorded in the previous month as exports increased, helped by a robust jump in shipments of engineering, electronics and pharma products, government data released on Monday showed.</p><p>Merchandise exports increased to $35.20 billion in June from $34.32 billion recorded in the same month last year posting a growth of 2.6 per cent. The country’s imports increased at a sharper pace of 4.9 per cent It increased to $56.18 billion in June 2024 from $53.51 billion recorded in June 2023.</p><p>While on a month-on-month basis there was an increase in trade deficit, it widened when considered annually. In June 2023 trade deficit stood at $19.19 billion.</p>.China's economy falters as property, consumer pain worsens.<p>Overall exports, merchandise and services combined, increased by 5.4 per cent year-on-year to $65.47 billion in June, led by robust growth in services exports. During the April-June quarter overall exports jumped by 8.6 per cent to $200.33 billion. In Q1 of a year it has crossed the $200 billion mark for the first time ever.</p><p>Commerce Secretary Sunil Barthwal said the overall export is likely to hit a record $800 billion mark in the current financial year.</p><p>“For the first time in Q1 we crossed $200 billion. If this trend continues, we will be crossing $800 billion in exports this fiscal,” Barthwal said.</p>.<p>Merchandise exports during April-June quarter increased to $109.96 billion from $103.89 billion recorded in the corresponding period of the last year. Merchandise imports during the period under review jumped to $172.23 billion from $160.05 billion in April-June 2023, as per data released by the Ministry of Commerce and Industry.</p><p>Merchandise trade deficit widened to $62.26 billion in the first three months of the current financial year from $56.16 billion recorded in the corresponding period the <br>last year.</p><p>The growth in the outbound shipments was led by engineering goods, electronics, drugs and pharmaceutical products.</p>.<p>“Our exports to eight of our top ten markets including US, UAE, Netherland, UK, Saudi Arabia, Bangladesh, Germany and Malaysia were positive except with minor declines in China and Singapore, with many of them recording healthy double-digit growth,” Federation of Indian Export Organisations (FIEO) President Ashwani Kumar said.</p><p>Engineering goods exports increased by 10.3 per cent to $9.39 billion. “The positive growth in exports for the second consecutive month is quite encouraging and hopefully the performance will continue despite several challenges the engineering exports sector is facing,” said EEPC India Chairman Arun Kumar Garodia.</p><p>“Among the major headwinds the industry is facing are high freight rates, protectionist measures from major export partners, and muted demand in some key markets,” Garodia added. </p>