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India’s exports up 3.93% in May; trade deficit widens to $15.36 bn

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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