India’s export
The figures related to India’s foreign trade for the month of June have been released. In June this year, India’s trade deficit has increased by 59 percent on an annual basis to reach $30.43 billion. In the same month last year, this loss was 19.10 billion dollars. In a Reuters poll, economists had estimated it to be $26.63 billion, whereas in the previous month i.e. May, this deficit was recorded at $28.21 billion. However, despite this increase in trade deficit, the Indian economy is performing strongly on many fronts, including service sector profits and the upcoming trade deal with the US.
import-export figures
According to government data, India’s merchandise export in the month of May had declined to $40.41 billion from $45.2 billion in April. At the same time, imports also decreased to $70.84 billion as compared to $73.41 billion. Goods trade may have shown losses, but the service sector has performed brilliantly. According to the assessment of the Commerce Ministry, service exports in June are estimated to be $ 33.03 billion and imports are estimated to be $ 17.92 billion. In this way, India has achieved a huge trade surplus of 15.11 billion dollars in the services sector, which is a very positive sign for the economy.
There will be a trade agreement with America soon
This trade data of the country has come out at a time when the Indian government is moving towards a better trade agreement with America. While giving an update on this, Commerce Secretary Rajesh Aggarwal has said that the talks between the two countries are moving in the right direction and there is no challenge in it. He clarified that the agreement related to India-US trade framework is completely ready and it will be signed at the appropriate time. Along with this, trade relations between the two countries, including energy imports, are continuously strengthening. Additionally, a free trade agreement (FTA) with the United Kingdom (UK) is scheduled to come into effect this month and an agreement with the EU is expected to be in place by early next year.
Economy got support due to increase in exports
Trade analysts believe that increasing exports and new trade agreements have greatly strengthened India’s position in negotiations with America. Despite challenges posed by global disruptions and the Iran war, India’s total merchandise exports in the April-June quarter grew by nearly 15 percent compared to last year. Expensive petroleum shipments had a major contribution in this. Exports to Gulf countries using alternative sea routes have also returned to pre-war levels. It was $2.62 billion in March, which increased to $5.3 billion in May. At the same time, exports to America during April and May also increased to $17.29 billion.
Growth rate estimated at 6.8 percent
Positive reports are coming out about the Indian economy even at the international level. According to the report of economist Santanu Sengupta of global investment bank Goldman Sachs, the US-Iran interim peace agreement has softened the prices of crude oil, which has directly benefited India. In view of the strong economic condition of India, the bank has increased the growth rate estimate for the year 2026 to 6.8 percent. Along with this, the estimates of inflation and current account deficit have also been reduced. Additionally, the slight weakness in the rupee has also made Indian exporters more competitive in the global market, giving India ample scope to negotiate better terms in trade negotiations.
