India’s exports grew by 3.93 per cent to $30 billion in May on account of healthy growth in sectors such as chemicals, pharmaceuticals and engineering, according to a commerce ministry data released Friday.
Imports too rose by 4.31 per cent to $45.35 billion, widening the trade deficit to $15.36 billion in May.
The deficit, the difference between exports and imports, was $14.62 billion in May 2018. Oil imports rose by 8.23 per cent to $12.44 billion and non-oil imports expanded by 2.9 per cent to $32.91 billion during the month under review.
Gold imports rose by 37.43 per cent to $4.78 billion.
Cumulatively, exports in April-May 2019-20 was up by 2.37 per cent to $ 56 billion. Imports rose by 4.39 per cent to $86.75 billion, registering a trade deficit of $30.69 billion.
Source: Business Standard