In May, exports rose 20.55% to $38.94 billion; trade deficit reached a record $24.29 billion

15 Jun 2022 , 01:59 PM

According to official figures issued on Wednesday (15-06-2022), India’s merchandise exports increased by 20.55 % to USD 38.94 billion in May, while the trade imbalance reached a new high of USD 24.29 billion.

Imports increased by 62.83 % to USD 63.22 billion in May 2022, according to the figures. In the same month last year, the trade deficit was USD 6.53 billion.

In April-May 2022-23, total exports increased by roughly 25% to USD 78.72 billion. Imports grew 45.42 % to USD 123.41 billion in April-May 2022-23.

The trade imbalance increased to USD 44.69 billion in the first two months of the current fiscal year, up from USD 21.82 billion the previous year.

“India’s overall exports were anticipated to be $62.21 billion in May, up 24.03 % from the same month the previous year.” In May 2022, merchandise exports were $38.94 billion, up from $32.30 billion in May 2021, representing a 20.55 % increase. The expected value of services export for May 2022 is $23.28 billion, up 30.32 % from May 2021 ($17.86 billion), according to a statement from the commerce and industry ministry.