Goods trade deficit narrows to a four-month low of $18.78 billion in June

India's commerce ministry detailed the trade figures for June on July 15

India’s merchandise trade deficit for June narrowed the most in four months to $18.78 billion from $21.88 billion in May, as imports fell more than exports, the commerce ministry said on July 15. It was also smaller compared to $20.84 billion in June 2024.

The last time India's trade deficit in goods was narrower was in February 2025.

Merchandise exports fell marginally on-year to $35.14 billion in June, while imports dropped to $53.92 billion, as per provisional data released.

According to Commerce Secretary Sunil Barthwal, a dip in prices of gold and petroleum explains the sharper fall in merchandise imports during the previous month.

Crude oil imports fell to $13.7 billion last month from $14.7 billion in May while inbound shipments of gold declined to $1.8 billion from $2.5 billion.

India’s total exports (merchandise and services combined) for June 2025 is estimated at $67.98 billion, rising 6.5 percent on-year, while overall imports is seen witnessing a marginal growth of 0.50 percent to $71.50 billion.

India's overall trade balance is seen smaller at $3.51 billion last month from $7.30 billion in June 2024.

During the first quarter of the current fiscal (April-June), the trade deficit in goods stood at $67.26 billion, wider as compared to $62.10 billion during the same period in 2024-25.

However, the cumulative exports (merchandise and services) during April-June 2025 is seen at $210.31 billion, an estimated growth of 5.94 percent.