India’s merchandise imports surged 31% year-on-year to $70.84 billion in June. Merchandise exports rose 15.5% to $40.41 billion during the month, while imports climbed sharply, driven by higher purchases of crude oil, electronics, machinery and precious metals, commerce secretary Rajesh Agarwal said during a press briefing on the trade data.Even as exports posted healthy double-digit growth, the country’s trade deficit stood at $30.43 billion, according to government data. During the April-June quarter of the current financial year, exports increased 15.92% to $129.32 billion. Imports during the same period rose 19.89% to $216.18 billion.The data also showed that gold imports in the first quarter of the current fiscal increased to $11.01 billion, compared with $7.49 billion in the corresponding period last year.India’s exports to Middle Eastern countries also recorded growth, rising 7.29% to $5 billion in June, Agarwal said.Also read | India eyes $1 trillion exports milestone: Amid global turmoil, which sectors will drive growth? DecodedThe latest trade figures come days after commerce and industry minister Piyush Goyal called on states to identify products that are currently being imported but can be manufactured competitively within the country.Speaking at a meeting of the board of trade, Goyal had said such efforts would help reduce import dependence, save foreign exchange, strengthen domestic supply chains and lower vulnerabilities arising from excessive reliance on foreign suppliers.“I urged states and industry to identify products that are currently being imported but can be manufactured competitively in India,” he had said.The minister had also asked states, line ministries, export promotion councils and industry associations to set up export committees, hold regular interactions with exporters and conduct monthly review meetings.He also encouraged industries affected by unfair trade practices to approach the directorate general of grade remedies (DGTR), saying the body could support domestic industries facing injury due to dumping or predatory pricing through anti-dumping measures and safeguard duties.At the meeting, Goyal also announced a time-bound 90-day drive under the districts as export hubs initiative across 120 priority districts in 27 states and Union Territories. Supported by 24 DGFT Regional Authorities and 11 partner agencies, the initiative will focus on measurable outcomes such as new exporter registrations and export value growth while converging with the One District One Product initiative, GI products and MSME clusters.
