New Delhi
In the data released by the Ministry of Commerce and Industry on Tuesday, it was reported that India’s trade deficit reduced to $ 18.78 billion in June this year, compared to $ 21.88 billion in May. India’s exports in June have stood at $ 35.14 billion, compared to $ 35.16 billion this month last year.
According to data released by the ministry, the country’s imports declined by 3.71 percent to $ 53.92 billion in June, compared to $ 56 billion a year ago. However, the service sector of the country has done well in June. During this time the service trade surplus has been reduced to $ 15.62 billion. Last month India has exported 32.84 billion dollars of services, while importing $ 17.58 billion services.
The total export of business goods and services in June stood at $ 67.98 billion, while the total import of goods and services was $ 71.50 billion. The net trade deficit in June was $ 3.51 billion. Commerce Secretary Sunil Barthwal said in a conversation with the media last month that global conflicts and uncertainty were affecting Indian exports, although the government is actively working with exporters related to shipping and insurance to remove concerns.
These figures have come amidst the ongoing trade talks with the US and other global partners.
The US wants a wide market access to the country for its agriculture and dairy products, which is a major issue in the Indo-US trade talks, as it will affect the livelihood of a large number of small farmers in India. At the same time, the US has postponed the tariff hike till 1 August, giving more time to other countries for trade talks.