India’s imports rise nearly 6% in Q1, Centre keeping a tab on foreign trade; exports fall 4%

Imports into India rose 5.9 per cent on a year-on-year basis to an unprecedented level in the quarter ended June 30, showed official data released on Tuesday. At the same time, exports from the country increased 4.4 per cent.  

The central government is monitoring the overall trade situation closely across commodities and categories, especially the rising imports. Rising imports and falling exports tend to widen a country’s trade deficit–or the shortfall between exports and imports, and vice versa.  

Estimated merchandise and service exports in the June quarter stood at $210.31 billion, while imports amounted to $230.62 billion, according to the Commerce and Industry Ministry. 

Trade deficit

With this, the trade deficit stood at $20.31 billion, narrowing from $22.42 billion a year ago. 

Out of the total quarterly imports and exports, here are some key takeaways: 

• Merchandise exports at at $112.17 billion vs $110.06 billion a year ago
• Merchandise imports at $179.44 billion vs $172.16 billion a year ago
• Merchandise trade deficit at $67.26 billion vs $62.10 billion a year ago
• Service exports at $98.13 billion vs $88.46 billion a year ago
• Service imports at $51.18 billion vs $48.78 billion a year ago
• Services trade surplus at $46.95 billion vs $39.68 billion a year ago