Chennai, Aug 3 (SocialNews.XYZ) India's merchandise trade deficit -- excess of imports over exports -- touched $31.02 billion last month up from $26.18 billion in June 2022.
According to BVR Subrahmanyam, Secretary, Department of Commerce, merchandise imports last month were at about $66.26 billion whereas exports were at about $35.24 billion resulting in a deficit of $31.02 billion.
High commodity prices, depreciating rupee against the dollar are said to be causes for the merchandise trade deficit.
In June this year, India's merchandise exports were at $40.13 billion and imports were at $66.31 ending in a deficit figure of $26.18 billion.
Within the overall figures, sectors like chemicals, electronic goods logged export growth while engineering, gems and jewellery, petroleum products, pharmaceuticals and others contracted.
Subrahmanyam said restrictions on exports of wheat, iron, steel held back exports revenue.
Shipments to Russia and Sri Lanka are expected to boost revenue with the Reserve Bank of India (RBI) permitting settlement of trades in rupee.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
