India recorded the highest ever merchandise exports of $37.3 billion in May this year, a whopping 15.46% growth. The performance was driven by healthy performance in sectors such as petroleum products, electronic goods and chemicals. Although exports have seen significant growth, the sharp increase in imports has continued to widen the gap in the trade deficit which stood at $23.33 billion in May 2022.
value of country’s goods export In May 2021, it was $ 32.30 billion.
In May 2022, non-petroleum exports registered a growth of 8.13% to $29.18 billion as against $26.99 billion in May 2021. In addition, non-petroleum and non-gems and jewelery exports grew by 8.57% to $26.08 billion in May as compared to $24.02. Arab in May last year.
Notably, sectors such as petroleum products (52.71%), electronic goods (41.46%), and RMG of all textiles (22.94%) led the way for higher growth in exports during May 2022.
On the other hand, in May 2022, India’s goods imports stood at $60.62 billion, an increase of 56.14 percent to over $38.83 billion in May 2021.
During May this year, non-petroleum imports stood at $42.48 billion, up 44.7% from $29.36 billion in May 2021. In addition, non-oil, non-GJ (gold, silver and precious metals) imports were up 27.2% at $33.61 billion. compared to $26.42 billion in May 2021.
That said, the country’s trade deficit widened to $23.33 billion in May, from $6.53 billion in the same month last year.
In the first two months of FY13 (April and May), India’s merchandise exports grew by 22.26% to $77.08 billion, while merchandise imports grew 42.35% year-on-year to $120.81 billion. The trade deficit more than doubled to $43.73 billion from $21.82 billion in April-May of fiscal 2012.