CURRENT AFFAIRS

Detailed explanation-1: -While goods exports increased 23.5% year-on-year in June to exceed $40.1 billion (the preliminary estimate was $38 billion), imports outpaced, surging 57.5% to $66.3 billion on the back of higher purchases of coal, gold and petroleum products.

Detailed explanation-2: -India’s merchandise trade deficit widened to a record $26.18 billion in June, wider than the government’s earlier estimate of $25.63 billion, after the Commerce Ministry revised upwards both the exports and imports figures for the month.

Detailed explanation-3: -India’s trade deficit widens to $26.18 billion in June; exports rise 23%, imports up 55% India’s overall exports, merchandise and services combined, are estimated to have grown 22.95% year-on-year in June 2022, at around US$64.91 billion, the Ministry of Commerce & Industry said in a press release on Thursday.

Detailed explanation-4: -The merchandise trade deficit in June 2022 was estimated at USD 26.18 Billion as against USD 9.60 Billion in June 2021, which is an increase of 172.72 per cent.

Detailed explanation-5: -According to the earlier estimates India’s trade deficit had seen its record high of $30 billion in July. It was $10 billion in the same period last year. After revision, July’s deficit is now pegged at just $25.6 billion.