(Representative image: Reuters)
The trade deficit in May 2022 widened to $23.33 billion, while the country’s merchandise exports grew by 15.46 percent year-on-year to $37.29 billion, the Ministry of Commerce said on June 2.
The trade deficit, in the same month last year, stood at $6.53 billion. The period was marked by the onset of a brutal second COVID-19 wave, which had dampened the international trade.
“India’s merchandise export in April – May 2022-23 was $77.08 billion with an increase of 22.26 per cent over $63.05 billion in April -May 2021-22,” the government said.
The increase in exports last month was led by petroleum products (52.71 percent), electronic goods (41.46 percent) and RMG of all textiles (22.94 percent), the commerce ministry noted in its statement.
Imports, which stood at 38.83 billion during May 2021, jumped by 56.14 percent YoY to $60.62 billion last month. The surge was driven by petroleum and crude oil imports, which increased by 91.6 per cent to $18.14 billion.
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“India’s merchandise imports in April -May 2022-23 was $120.81 billion with an increase of 42.35 percent over $84.87 billion in April -May 2021-22,” the ministry stated.
Value of non-petroleum imports was $42.48 billion in May 2022, with a positive growth of 44.7 percent over non-petroleum imports of $29.36 billion in the year-ago period.
“The cumulative value of non-petroleum imports in April -May 2022-23 was $82.55 billion, showing an increase of 27.72 percent compared to non-oil imports of $64.63 billion in April -May 2021-22,” the ministry noted.
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Value of non-petroleum exports, on the other hand, increased to $29.18 billion last month, registering a positive growth of 8.13 percent over non-petroleum exports of $26.99 billion in May 2021.
“The cumulative value of non-petroleum exports in April -May 2022-23 was $61.09 billion, an increase of 12.9 percent over $54.11 billion in April -May 2021-22,” the statement added.
The total value of non-oil and non-GJ (gold, silver and precious metals) imports at $33.61 billion in May 2022, which was 27.2 percent higher as compared to the corresponding period last year.