Merchandise exports up 9% to $38.13 bn in May
Trade deficit widens to a 7-mth high due to a rise in imports
image for illustrative purpose
New Delhi: India’s merchandise exports rose by 9.1 per cent to $38.13 billion in May even as the trade deficit widened to a seven-month high of $23.78 billion during the month, according to government data.
Healthy growth in sectors such as engineering, electronics, pharmaceuticals, textiles and plastics helped register growth in exports despite global economic uncertainties. Imports also increased by 7.7 per cent to $61.91 billion in the month under review from $57.48 billion in May 2023 due to increase in crude oil imports.
Oil imports rose by 28 per cent to $20 billion in May. It was up by 24.4 per cent during April-May 2024-25 to $36.4 billion. However, gold imports dipped marginally to $3.33 billion in May this year from $3.69 billion in the same month of FY24. The previous high in the deficit was recorded in October 2023 at $31.46 billion.
In April 2024, the outbound shipments dipped to $41.68 billion from $41.96 billion a year ago. Cumulatively, exports during April-May this fiscal rose by 5.1 per cent to $73.12 billion and imports rose by 8.89 per cent to $116 billion. Briefing media on the data, Commerce Secretary Sunil Barthwal said May has been an excellent month in terms of exports and “I hope that this trend will continue”. He said that inflation in advanced economies is slowing and it would help further push purchasing power that will raise demand for imports.
