India’s Trade Deficit Consolidates to $20.3 Billion in Q1

• India’s trade deficit contracted by 9.4% to $20.3 billion in Q1 due to a nearly 11% growth in services exports.

• The Ministry of Commerce and Industry reported that India’s overall exports grew to $210.3 billion in the April-June quarter, up from $198.5 billion in the previous year.

• Commerce Secretary Sunil Barthwal emphasized that if exports continue to grow, India will beat last year’s record exports.

• Services exports rose to $98.1 billion this Q1, up nearly 11% from the previous year’s $88.5 billion.

• Merchandise exports in Q1 grew just 2% to $112.2 billion.

• India’s total imports grew 4.4% in Q1 to $230.6 billion, with merchandise and services imports growing 4.2% and 4.9% respectively.