Exports rise 2.56% to $35.2 bn in June

New Delhi: India’s merchandise exports in June increased 2.56 per cent to $35.2 billion from $34.32 billion in the year-ago month, according to government data released on Monday.Imports rose by about 5 per cent to $56.18 billion in June against $53.51 billion a year ago. The trade deficit or the gap between imports and exports, during the month under review stood at $20.98 billion.

Briefing media on the data, Commerce Secretary Sunil Barthwal said going by the current trend, the country’s total exports of goods and services may cross $800 billion this fiscal.India’s exports rose to record $778 bn in FY24 $776.3 bn in FY23. During the first quarter of 2024-25, the exports of goods and services stood at about $200 billion, he added. India’s merchandise exports rose by 9.1 per cent to $38.13 billion in May, even as the trade deficit widened to a seven-month high of $23.78 billion. Exports during April-June this fiscal increased 5.84 per cent to $109.96 billion, and imports grew 7.6 per cent to $172.23 billion.

Meanwhile, electronic goods exports increased by 16.91 per cent in the month of June (year-on-year), bolstered by the production-linked incentive (PLI) scheme.The exports increased from $2.42 billion in June 2023 to $2.82 billion last month, according to government data.In April, the electronic goods exports increased by 25.8 per cent, from $2.11 billion in April 2023 to $2.65 billion this year.Led by mobile phones, the export of electronic goods has seen a meteoric rise in the last 10 years.The country’s electronic manufacturing is likely to reach around $250 billion in the next five years. At present, the electronic exports of the country stand at around $125 to $130 billion.