Sign In
  • U.S.
  • International
  • Canada
  • Espau00f1ola
Latest World News Update
  • Home
  • Business
  • National
  • Entertainment
  • Sports
  • Health
  • Science
  • Tech
  • World
  • Marathi
  • Hindi
  • Gujarati
  • videos
  • Press Release
    • Press Release
    • Press Release Distribution Packages
  • Live Streaming
  • Legal Talk
Reading: Trade deficit widens to USD 8 bn in June 2024 despite increase in exports – World News Network
Share
Latest World News UpdateLatest World News Update
Font ResizerAa
Search
  • Home
    • Home 1
  • Categories
  • Legal Talk
  • Bookmarks
  • More Foxiz
    • Sitemap
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Latest World News Update > Blog > Business > Trade deficit widens to USD 8 bn in June 2024 despite increase in exports – World News Network
Business

Trade deficit widens to USD 8 bn in June 2024 despite increase in exports – World News Network

worldnewsnetwork
Last updated: July 15, 2024 12:00 am
worldnewsnetwork
Share
SHARE

New Delhi [India], July 15 (ANI): The latest trade data for June 2024 reveals a mixed picture of the country’s overall trade performance. While exports have seen a significant rise, the trade deficit has also widened, reflecting an increase in imports that outpaced export growth.

In June 2024, the trade deficit stood at USD 8.00 billion, up from USD 7.00 billion in June 2023. This USD 1 billion increase highlights a growing gap between the country’s imports and exports, raising concerns among economists and policymakers about the underlying economic dynamics.
Exports showed a robust performance, increasing from USD 62.12 billion in June 2023 to USD 65.47 billion in June 2024.
This USD 3.35 billion rise in exports can be attributed to strong demand in key sectors such as technology, pharmaceuticals, and textiles.
The growth in exports is a positive sign, indicating that domestic producers are successfully tapping into global markets.
However, imports also surged, growing from USD 69.12 billion in June 2023 to USD 73.47 billion in June 2024, a USD 4.35 billion increase.
The rise in imports suggests a growing domestic demand for foreign goods, which could be driven by both consumer and industrial sectors. The import growth has offset the gains made by exports, leading to the increased trade deficit.
India’s total exports, including both merchandise and services, reached USD 68.29 billion in May, marking a 10.2 per cent increase compared to the same month last year, according to data from the commerce ministry released on June 14.
In May, merchandise exports grew by 9.1 per cent to USD 38.13 billion, while service exports increased by 11.7 per cent to USD 30.16 billion.
In May, exports of petroleum products, engineering goods, electronic goods, and pharmaceuticals all saw growth. However, exports of spices, other cereals, gems and jewellery, oil meals, and marine products experienced slight declines.
On the import side, there were increases in petroleum crude and products, transport equipment, electronic goods, vegetable oil, and pulses. In contrast, imports of coal coke, gold, fertilizers (both crude and manufactured), iron and steel, and chemical materials and products decreased.
The trade deficit, which is the gap between exports and imports, decreased from USD 11.41 billion to USD 10.90 billion year-on-year in May 2024. (ANI)

Contents
WORLD MEDIA NETWORKPRESS RELEASE DISTRIBUTIONPress releases distribution in 166 countriesPress releases in all languagesPress releases in Indian LanguagesIndia PackagesEurope PackagesAsia PackagesMiddle East & Africa PackagesSouth America PackagesUSA & Canada PackagesOceania PackagesCis Countries PackagesWorld Packages

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News

sponsored by

WORLD MEDIA NETWORK


PRESS RELEASE DISTRIBUTION

Press releases distribution in 166 countries

EUROPE UK, INDIA, MIDDLE EAST, AFRICA, FRANCE, NETHERLANDS, BELGIUM, ITALY, SPAIN, GERMANY, AUSTRIA, SWITZERLAND, SOUTHEAST ASIA, JAPAN, SOUTH KOREA, GREATER CHINA, VIETNAM, THAILAND, INDONESIA, MALAYSIA, SOUTH AMERICA, RUSSIA, CIS COUNTRIES, AUSTRALIA, NEW ZEALAND AND MORE

Press releases in all languages

ENGLISH, GERMAN, DUTCH, FRENCH, PORTUGUESE, ARABIC, JAPANESE, and KOREAN CHINESE, VIETNAMESE, INDONESIAN, THAI, MALAY, RUSSIAN. ITALIAN, SPANISH AND AFRICAN LANGUAGES

Press releases in Indian Languages

HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages

Email - support@worldmedianetwork.uk
Website - worldmedianetwork.uk

India Packages

Read More

Europe Packages

Read More

Asia Packages

Read More

Middle East & Africa Packages

Read More

South America Packages

Read More

USA & Canada Packages

Read More

Oceania Packages

Read More

Cis Countries Packages

Read More

World Packages

Read More
sponsored by
Subscribe to Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]
Share This Article
Twitter Email Copy Link Print
Previous Article Ministers should be well-prepared to address departmental issues during assembly session, stresses CM Siddaramaiah – World News Network
Next Article Actor Rakul Preet Singh’s brother among ten arrested by Hyderabad police in drug case – World News Network
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Editor's Pick

Top Writers

Oponion

You Might Also Like

India’s edge data centre capacity projected to triple to 200-210 MW by 2027: ICRA – World News Network

India's edge data centre to expand significantly to 200-210 Megawatt (MW) by 2027 from 60-70 MW in 2024, marking a…

4 Min Read

Footfall Surge: Malls in NCR Redesign Strategies to Attract Footfall – World News Network

Delhi NCR [India], July 26: Delhi-NCR's retail landscape is seeing a compelling revival. Footfall in malls has not only bounced…

6 Min Read

India to sustain 6-6.5% YoY real GDP growth in FY26, amid supportive domestic demand: UBS – World News Network

India is projected to maintain a steady 6-6.5 per cent year-on-year real GDP growth in FY26, supported by resilient domestic…

3 Min Read

Fraganta by Leena Jain Unveils Its Debut Perfume Pair – Ganga and Jogi – A Revolutionary Ode to Indian Luxury – World News Network

Mumbai (Maharashtra) [India], July 26: The launch saw the presence of Vindu Dara Singh, Navin Prabhakar, Mreenal Deshraj, Dr. Aneel…

4 Min Read
Latest World News Update
Copyright © 2024 World News Network. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?