The government has allowed maximum imports from Afghanistan in the rupee on a land route in the post-Taliban regime period. The figures did not reflect those imports made in rupees.
On the concern over the ballooning trade deficit, Gosh said that the trade deficit comes at 8.5% of its GDP projections for FY23, much lower than the peak deficit of 10.7% of GDP achieved in FY13.
On Tuesday, the rupee rallied 53 paise, its best single-day gain in over 11 months, to close at an over one-month high of 78.53 against the US dollar.
The trade deficit in the same month last year (2021) stood at $10.63 billion. In the April-July 2022 period, the trade deficit crossed $100 billion, almost 2.5 times the trade deficit in the same peri
The US Fed in its July 26-27 meeting may increase the interest rate by 50-75 basis points, which could result in flight of capital from emerging nations like India.
The currency unit pared some of its losses to close at 79.88 to the dollar. Forex market analysts like KN Dey of United Financial Consultants expect it to weaken further.
Amid these challenges, certain brokerages expect further weakness in the local unit in the coming months.
Pakistan's trade gap widened by more than 32 per cent to touch USD 4.84 billion in June, from USD 3.66 billion a year ago, driven largely by almost double the increase in imports compared to exports.
India’s exports to China grew by 0.61% in FY22, which increased in FY21 by 33.59%. The major items of exports included iron and steel, ores, slag and ash and organic chemicals.
Imports during May 2022 grew by 62.83 per cent to USD 63.22 billion. Petroleum and crude oil imports during May 2022 surged 102.72 per cent to USD 19.2 billion.
“India has achieved a monthly value of merchandise export in May 2022 amounting $37.29 billion, an increase of 15.46% over $32.30 billion in May 2021.
While total exports during last fiscal year increased to a record high of USD 417.81 billion, imports too soared to USD 610.22 billion, leaving a trade gap of USD 192.41 billion.
India’s merchandise trade deficit grew to $21.19 billion in February, according to a data released by commerce ministry on Wednesday.
India’s merchandise trade deficit shrunk to a five-month low of $17.42 billion as export witnessed a 25.28% year-on-year growth to $34.50 billion in January 2022.
The country's merchandise exports grew by 25.28 per cent to $34.50 billion in January 2022 from $27.54 billion recorded in January 2021.
The merchandise imports surged 62.49 per cent to USD 55.37 billion from USD 34.07 billion in October 2020.
Some Chinese exporters say U.S. orders have declined, but Chinese leaders express confidence the economic impact will be modest.
As reported earlier, the US has imposed 25 per cent duties on about $34 billion worth of Chinese products including industrial machinery, medical devices and auto parts.
The US trade deficit with China increased by 13 percent in 2017, the first year of Trump's presidency, to 1.87 trillion yuan ($288 billion), according to official figures released.
The bilateral trade between India and China stood at USD 50.19 billion during the April-October period, as against USD 71.45 billion in the entire 2016-17