Exports increase by 16.8%; Merchandise trade deficit hits new high in June

Imports jumped more than 51% to $63.6 billion.

Imports jumped more than 51% to $63.6 billion.

The merchandise trade deficit hit a new high of $25.63 billion in June, according to preliminary trade data, surpassing the previous high of $24.3 billion in May this year.

Exports rose 16.8% year-on-year in June to nearly $38 billion, but imports rose sharply by more than 51% to $63.6 billion.

The rise in imports was led by coal, up almost 242%, followed by gold imports which increased by over 169% to over $2.6 billion and oil which saw a 94.2% increase.

The value of non-oil imports was $42.84 billion in June, reflecting a growth of 36.36%, while non-oil imports and imports other than gold, silver and precious metals were 36, $7 billion, up 31.71% from a year ago.

“Despite an expected decline in gold imports, the merchandise trade deficit widened further to a worrying $25.6 billion in June, with a sequential decline in exports and an increase in imports other than gold. gold relative to May 2022,” said CIFAR Chief Economist Aditi Nayar. .

“With a steady increase in the size of the merchandise trade deficit during the quarter, we expect the current account deficit to more than double to $30 billion in the first quarter of 2022-23, from a modest $13 billion. dollars from the previous quarter,” she said.