India's trade deficit $17.15 billion in June — up more than 12,000 percent in one year

India's overall trade deficit increased to $17.15 billion last month, up from $0.14 billion in June 2021, according to the data released by the government on Thursday. This is a 12,150-percent increase.

Overall trade during June 2022. (Source: Indian government)

Trade deficit is the term for when a country's imports exceed its exports during a fixed time period. The balance can be calculated for various categories of transactions such as services, goods (merchandise), goods and services.

India's merchandise trade deficit increased to $26.2 billion in June 2022, which was up from $9.6 billion year-on-year, while the same had increased to $70.80 billion for the April to June quarter, up from $31.42 billion in the corresponding period in 2021-22.