June merchandise exports up 16.8%; trade deficit at $25.6 bn

India's monthly value of merchandise exports in June 2022 rose 16.78% to $37.94 billion in June as compared to over $32.49 billion in June 2021, the Ministry of Commerce & Industry data shows. The trade deficit in June stood at $25.63 billion, while it was $70.25 billion during the April-June quarter of the fiscal year. India’s merchandise export in April-June 2022-23 was $116.77 billion, an increase of 22.22% over $95.54 billion in April-June 2021-22.

The value of non-petroleum exports in June was $30.12 billion, a 5.53% growth over $28.54 billion worth of non-petroleum exports in June 2021. For the quarter ended June 30, the total value of non-petroleum exports was $92.49 billion, an 11.92% growth over $82.65 billion during the same period last year.

The value of non-petroleum and non-gems and jewellery exports in June was $26.75 billion, recording a positive growth of 4% over $25.72 billion worth of exports in June 2021. For the first quarter of the fiscal year, the total value in this category was $82.43 billion, an increase of 12.19% over the same period last year. The increase in exports was led by petroleum products (98.01%), electronic goods (50.66%) and ready-made garments of all textiles (44.67%) during June 2022.

On the import front, India’s merchandise imports in June rose 51.02% to $63.58 billion over $42.1 billion during the same period. During the first quarter, the overall merchandise imports rose 47.31% to $187.02 billion over $126.96 billion during the same period last year.

The value of non-petroleum imports grew 36.36% to $42.84 billion in June 2022 over imports worth $31.42 billion during the same period last year. The overall value of non-petroleum imports in the first quarter rose 32.18% to $126.95 billion as compared to imports worth $96.04 billion during the same quarter.

The value of non-oil, non-GJ metals (gold, silver and precious metals) imports was $36.7 billion in June 2022, a 31.71% rise over the imports during the same period last year. For the quarter, the imports in this category rose 32.55% to $107.14 billion as compared to $80.83 during the same period last year.

The government this month announced a special additional excise duty of ₹6 per litre on the exports of aviation turbine fuel (ATF), a specialised byproduct of crude or petroleum used to power aircraft. A cess of ₹23,250 per tonne by way of special additional excise duty (SAED) has been imposed on crude, though the import of crude oil will not be subject to this cess. The government also imposed a cess worth ₹6 per litre on petrol and ₹13 per litre on diesel.