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India’s Trade deficit UPSC NOTE

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  India’s merchandise exports grew for the third straight month in June, rising 2.55% to $35.2 billion, but the import bill climbed by a fas...

 

  • India’s merchandise exports grew for the third straight month in June, rising 2.55% to $35.2 billion, but the import bill climbed by a faster 5% to $56.2 billion, widening the trade deficit by 9.4% from a year ago, as per quick trade estimates released by the Commerce Ministry 

  • Noting that global growth is looking up and inflation is trending down, if growth impulses sustain, India could well cross $800 billion of total exports this year (record high of $200.3 billion in the first quarter of 2024-25)

  • Total exports stood at a record high of $778.2 billion in 2023-24, 0.42% over the previous year. 

  • The major growth drivers were engineering and electronics goods, up 10.3% and 16.9%, respectively, as well as drugs and pharmaceuticals (9.9%), chemicals (3.3%), and coffee (up 70%)

  • Worryingly, petroleum exports slumped 18.3% in June to $5.5 billion, while imports rose 19.6% to $15.05 billion

  • Another 10 of India’s top 30 export items clocked a decline in shipment values, including the labour-intensive sectors of handicrafts (-16.6%), jute (-11.1%), marine products (-7.7%) leather (-2.2%) and gems and jewellery (-1.4%)

  • On the imports front, the value of gold shipped in fell 38.7% year-on-year to $3.06 billion, but silver imports jumped 377.4% to $210.7 million. 

  • Electronics goods imports rose 16% to $7.6 billion, while pulses imports were up 69.1%.

  • For the first quarter, the merchandise trade deficit has expanded to $62.3 billion from $56.2 billion a year ago.

  • This is likely to push up India’s current account deficit to about 1.4% of GDP from 1% in the same quarter a year ago

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: India’s Trade deficit UPSC NOTE
India’s Trade deficit UPSC NOTE
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