Foreign Media: India's merchandise trade deficit widened to $30.43 billion in June, higher than $28.21 billion in May, primarily due to a greater decline in exports compared to imports.
Exports fell from $45.2 billion in May to $40.41 billion in June, affected by disruptions in shipping through the Strait of Hormuz due to Middle East conflicts and weak global demand; imports also declined from $73.41 billion to $70.84 billion.
Analysts believe that rising energy prices are increasing import costs, which could further widen India’s current account deficit. Meanwhile, India is striving to sustain export growth and advance trade negotiations with the United States. The Indian Minister of Commerce stated that a provisional trade agreement framework between India and the U.S. is ready, and consultations are progressing smoothly.
Despite external pressures, India’s exports of goods and services increased by over 11% year-on-year from April to June, reaching $232.73 billion, with strong performances in jewelry and engineering products. The United States remains India’s largest export market. Services trade remained robust, recording a $15.11 billion surplus in June, supporting overall trade performance.
Original Source: toutiao.com/article/1870607686944780/
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