India Trade Balance June 2022


India: Merchandise exports increase at a stronger rate in June

July 14, 2022

Merchandise exports jumped 23.5% year-on-year in June, following May’s 20.6% jump. Meanwhile, merchandise imports shot up 57.5% over the same month last year in June (May: +62.8% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 26.2 billion shortfall in June (May 2022: USD 24.3 billion deficit; June 2021: USD 9.6 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 229.3 billion deficit in June, compared to the USD 212.7 billion deficit in May.

In FY 2022, our panelists forecast that exports and imports will increase 9.4% and 13.6%, respectively, bringing the merchandise trade deficit to USD 244 billion. In FY 2023, our panelists forecast that exports will increase 4.4%, while imports will grow 1.2%, resulting in a merchandise trade deficit of USD 232 billion.


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