India's trade deficit rises to $22.12 bn in May, highest since Dec 2022

In May, imports fell 6.6% to $57.1 billion, and exports declined 10.3% to $34.98 billion

India's merchandise trade deficit rose to its highest level since December 2022 to $22.12 billion in May, government data showed on Thursday. In April, the deficit stood at $15.24 billion.

In December last year, India's trade deficit was $23.76 billion. May's figure is the highest in 2023.

In May, the imports fell 6.6 per cent to $57.1 billion. The exports declined 10.3 per cent to $34.98 billion.

In May last year, the country reported a trade deficit of $24.29 billion.

"There's a slowdown in many developed countries and there is a fall in their GDP growth rates also, consequent to that their import demand...is quite low," Trade Secretary Sunil Barthwal said.

In May, the services trade surplus stood at $11.77 billion, with services exports at $25.30 billion and imports at $13.53 billion.

In the April-May period, the merchandise and services trade deficit stood at $13.28 billion compared with $20.56 billion in the same period last year, the data showed.

(With agency inputs)