Exports in May up by 15.46% to $37.29 bn; trade deficit widens to $23.33 bn

Imports during the month grew by 56.14% to $60.62 billion

India's merchandise exports rose by 15.46 per cent to $37.29 billion in May on account of healthy performance by sectors like petroleum products, electronic goods and chemicals, even as the trade deficit widened to $23.33 billion during the month, the commerce ministry said on Thursday.

Imports during the month too grew by 56.14 per cent to $60.62 billion.

The trade deficit in May 2021 stood at $6.53 billion.

"India's merchandise export in April - May 2022-23 was $77.08 billion with an increase of 22.26 per cent over $63.05 billion in April -May 2021-22," it said.

Petroleum and crude oil imports during May 2022 surged by 91.6 per cent to $18.14 billion.

 

Coal, coke and briquettes imports jumped to $5.33 billion, as against $2 billion in May 2021.

Gold imports increased to $5.82 billion during the month under review, from $677 million in May 2021.

Cumulative imports in April-May 2022-23 rose by 42.35 per cent to $120.81 billion.

Trade deficit during the first two months of this fiscal widened to $43.73 billion as against $21.82 billion earlier.

Engineering goods exports in May increased by 7.84 per cent to $9.3 billion, while petroleum products exports grew by 52.71 per cent to $8.11 billion.

Gems and jewellery exports stood at $3.1 billion in May against $2.96 billion in the same month last year.

Exports of chemicals rose by 12 per cent to $2.5 billion in May.

Similarly, shipments of pharma and ready-made garments of all textiles grew by 5.78 per cent and 23 per cent to $1.98 billion and $1.36 billion respectively during the month under review.