India's Merchandise Exports Surge Amid Global Challenges

India’s merchandise exports saw a 2.56% increase in June, reaching USD 35.2 billion, despite global challenges, while the trade deficit widened to USD 20.98 billion. Imports rose by about 5%, significantly due to crude oil, pulses, and electronic goods. The government predicts crossing USD 800 billion in exports this fiscal.

India's merchandise exports for June increased by 2.56% to USD 35.2 billion, despite facing global economic challenges. However, the trade deficit for the month widened to USD 20.98 billion, according to government data released on Monday.

Imports in June also saw a rise, increasing by approximately 5% to USD 56.18 billion, attributed to higher inbound shipments of crude oil, pulses, and electronic goods. Commerce Secretary Sunil Barthwal projected that the country's total exports of goods and services might exceed USD 800 billion this fiscal year.

The data further revealed that oil imports surged by 19.62% to USD 15 billion in June, while gold imports saw a decline of 38.66% to USD 3 billion. Exports to significant destinations, including the US, UAE, Malaysia, and Singapore, showed healthy growth, contributing to the upward trend.

(With inputs from agencies.)