India’s Export down in June – Trade War Impact
The Country’s Merchandise Exports went down for the first time in this year 2019. Recently the Ministry of Commerce report said that Trade exports in June 2019, totaled to USD 25.01 Billion – down 9.71 percent as compared from the year ago period.
Exports in June were also seen as the lowest level in the past nine months. Imports were also fell by 9 percent. June imports totaled to USD 40.29 Billion. So, the trade deficit for India in June 2019 stood at USD 15.28 Billion.
Exports of Petroleum products fell by 33 percent, Gems & Jewellery at 11 percent, 28 Percent by Rice and Engineering goods fell by around 3 Percent. However Iron Ore exports grew by 155 Percent in the month of June. Electronic products were raised by 44 percent and Ceramics & Glassware products up by 20 Percent in the Exports Side.
Spices, Drugs and Pharmaceuticals have seen significant growth in Export for India in June 2019. India’s exports were declined by 1.69 percent to USD 81.08 Billion during the April – June period.
For the month of June, India’s import fell by 9 percent, driven by Pearls and Precious stones, Petroleum products, Machinery and Electrical & Non-electrical goods. Imports were fell by 0.29 percent to USD 127.04 Billion during the April – June quarter period.
The Country’s exports and imports have largely been attributed by the US – China Trade war. China is the Largest exporter for the United States imports, where China’s exports fell by 1.3 percent in June. Imports were also declined by 7.3 percent in the month of June for China Trade.
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