India’s Trade Deficit in June Rose to $26.1 Billion as Imports Register Massive Jump

India's June oil imports bill doubled to $21.3 billion compared to $10.6 billion in the same month last year. The revenue deficit jumped to minus $17.5 billion on June 22, compared to minus $0.14 billion in June 2021.
Sputnik
India's merchandise trade deficit registered a record jump to $26.18 billion in June this year as imports increased by 57.5 percent to $66.31 billion and exports rose by 23.5 percent to $40.13 billion, according to Ministry of Commerce data released on Thursday.
The latest figures are higher than the government's initial estimates of $25.6 billion.
The monthly trade deficit has been rising in recent months, having been recorded at $20.4 billion in April and $23.3 billion in May this year, due to growing imports, which almost doubled to $21.3 billion in June, as compared to $10.6 billion a year ago.
Petroleum imports constitute the largest chunk of India's imports bill. Despite a much higher share of discounted crude coming from Russia, the impact of higher global petroleum prices has continued to cost India.
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Imports of coal, coke, and briquettes also skyrocketed by an annual 260 percent, coming in at a staggering $6.47 billion in June, compared with $1.8 billion in June 2021.
Apart from this, gold imports also shot up by a massive 182 percent. Imports of the yellow metal rose to $2.7 billion in June, up from $969 million in the same month last year.
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