Exports surge 20.55% to $38.94 bn in May

New Delhi: India's merchandise exports in May rose by 20.55 per cent to $38.94 billion, while the trade deficit ballooned to a record $24.29 billion, according to the government data released on Wednesday. Imports during May 2022 grew by 62.83 per cent to $63.22 billion, the data showed. The trade deficit stood at $6.53 billion in the same month last year. Cumulative exports in April-May 2022-23 rose by about 25 per cent to $78.72 billion. Imports in April-May 2022-23 increased 45.42 per cent to $123.41 billion.

The trade deficit during the first two months of this fiscal widened to $44.69 billion against $21.82 billion in the year-ago period. Petroleum and crude oil imports during May 2022 surged 102.72 per cent to $19.2 billion. Coal, coke and briquettes imports jumped to $5.5 billion against $2 billion in May 2021. Gold imports increased to $6 billion during the month under review from $677 million in May 2021.

Engineering goods exports in May increased by 12.65 per cent to $9.7 billion, while petroleum products exports grew by 60.87 per cent to $8.54 billion. Gems and jewellery exports stood at $3.22 billion in May compared to $2.96 billion in the same month last year. Exports of chemicals rose 17.35 per cent to $2.5 billion in May. Similarly, shipments of pharma and ready-made garments of all textiles grew by 10.28 per cent and 27.85 per cent to $2 billion and $1.41 billion, respectively. Export sectors that recorded negative growth in May include iron ore, cashew, handicrafts, plastics, carpet and spices. The commerce ministry said the estimated value of services import for May is $14.43 billion, exhibiting a positive growth of 45.01 per cent compared to $9.95 billion in the same month last year. "The estimated value of services imports for April-May 2022 is $28.48 billion exhibiting a positive growth of 45.52 per cent vis-a-vis April-May 2021 ($19.57 billion)," it added.