The US tariff pole would open in this way, no one knew. But India showed America its status in the true sense. According to provisional data released by the Ministry of Commerce and Industry on Tuesday, India’s trade trade deficit declined to $ 18.78 billion in June due to changes in export and import activities, which was $ 21.88 billion in May. Economy benefits due to low trade deficit. The pressure on the economy of India is less, as well as an increase in foreign exchange reserves. Let us also tell you what kind of data of June exports and imports have been put in front of the government.
How was India’s export and import?
According to the data released by the government, India’s trade exports decreased to $ 35.14 billion in June, compared to $ 38.73 billion last month. On the other hand, the import declined to $ 53.92 billion, which was $ 60.61 billion in May. Completely, India exported goods worth $ 35.20 billion in June 2024, while imports stood at $ 56.18 billion, causing a trade deficit of $ 21 billion. The total export of business goods and services last month stood at $ 67.98 billion, while the import of goods and services stood at $ 71.50 billion. The net trade deficit in June stood at $ 3.51 billion.
This year has been affected by global trade tension. India’s exporters have suffered from American tariffs, India-Pakistan struggle and Israel’s possibility of Israel’s attack on Iran in June. The conflict between Israel and Iran disrupted shipping via Hormuz Strait, which is an important route for India’s energy and container trade, giving pressure on the supply chain.
American tariff increased uncertainty
Tariff measures proposed by US President Donald Trump have deepened trade uncertainty, which has increased the cost and limited the market rich of Indian exporters in core sectors. Commerce Secretary Sunil Barthwal told reporters last month that global conflicts and uncertainties are affecting Indian exports, although the government is actively working with exporters related to shipping and insurance to remove concerns.
India is intensifying business talks with the European Union and the US to attract investment in areas such as Tech and Renewable Energy. India and the United States are currently in the final stages of negotiation on a trade agreement that can help prevent high American tariffs on Indian exports. The agreement is required to be signed by 1 August to prevent these fees from becoming effective. However, politically sensitive areas such as dairy and agriculture are still bottlenecks for India.