Merchandise exports increase by 23.52%, imports by 55.57%

India’s merchandise exports reached US$ 40.13 billion and imports US$ 66.31 billion in June 2022

July 15, 2022

Total exports for April-June FY23 increased by around 24.51% to US$ 118.96 billion

Total imports for April-June increased by 57.55% to US$ 66.31 billion in June

Trade deficit stood at US$ 26.18 billion in June 2022

Bank credit in India grew by 13.29% and deposits by 9.77%

India’s merchandise exports increased by 23.52% to US$ 40.13 billion in June, according to government data.

Total exports for April-June FY23 increased by around 24.51% to US$ 118.96 billion.

Imports on the other hand grew by 55.57% to US$ 66.31 billion in June, compared to the same month’s data from last year. 

Total imports for April-June increased by 57.55% to US$ 66.31 billion in June, compared to the same period last year, when they increased by 49.47% to US$ 189.76 billion.

The trade deficit stood at US$ 26.18 billion in June 2022. Last year during the same month, the trade deficit was US$ 9.60 billion. During the first three months of FY22, the trade deficit increased to US$ 70.80 billion, compared to the same period in FY21 which was US$ 31.42 billion.

Bank Credit

According to data from the Reserve Bank of India (RBI), bank credit in India grew by 13.29% to INR 123.81 lakh crore, and deposits also increased by 9.77% to INR 169.61 lakh crore in the fortnight ended on the first of July, 2022. 

Bank advances stood at INR 109.28 lakh crore and deposits at INR 154.51 lakh crore in the fortnight ended June 2, 2021. In the fortnight ended June 17, 2022, bank credit increased by 8.31%, and deposits went up by 12.05%. 

Bank credit In FY22 grew by 8.59% and deposits by 8.94%.