India recorded the highest-ever merchandise export of $37.3 billion in May this year, rising by a whopping 15.46%. The performance was driven by healthy performance in segments such as petroleum products, electronic goods, and chemicals. While exports have witnessed significant growth, however, the sharp rise in imports continues to widen the gap in the trade deficit which stood at $23.33 billion in May 2022.
The country’s value of merchandise export stood at $32.30 billion in May 2021.
In May 2022, the non-petroleum exports registered a growth of 8.13% to $29.18 billion against $26.99 billion in May 2021. Further, the non-petroleum and non-gems and jewellery exports in May jumped by 8.57% to $26.08 billion compared to $24.02 billion in May last year.
Notably, segments like petroleum products (52.71%), Electronic goods (41.46%), and RMG of all Textiles (22.94%) led the way in a high increase in exports during May 2022.
On the other hand, in May 2022, India’s merchandise imports stood at $60.62 billion increasing by a whopping 56.14% over $38.83 billion in May 2021.
During May this year, the non-petroleum imports were at $42.48 billion climbing 44.7% over $29.36 billion in May 2021. Further, non-oil, non-GJ (gold, silver & Precious metals) imports were at $33.61 billion surging by 27.2% compared to $26.42 billion in May 2021.
That said, the country’s trade deficit widened to $23.33 billion in May compared to $6.53 billion in the same month last year.
In the first two months of FY23 (April and May), India’s merchandise export stands at $77.08 billion rising by 22.26% yoy, while merchandise import increased by 42.35% yoy to $120.81 billion. The trade deficit is more than double to $43.73 billion as against $21.82 billion witnessed in April – May of FY22.
