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Exports up 15.46% in May; trade deficit widens to a record $23.3 billion

India's merchandise exports grew 15.46 per cent YoY to $37.29 billion in May

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Of the top 10 major commodity groups covering 81 per cent of the total exports in May, all sectors except plastics, cotton yarns, and fabrics continued to rise

Shreya Nandi New Delhi

3 min read Last Updated : Jun 03 2022 | 2:52 AM IST

India’s trade deficit widened to a record $23.33 billion in May as imports grew at a faster pace compared to exports amid high commodity prices owing to the Russia-Ukraine conflict, the preliminary data released by the commerce and industry ministry showed on Thursday.

The previous highest monthly trade deficit was $22.91 billion in November 2021. The deficit stood at $6.28 billion in May last year.

Imports surged 56.14 per cent to $60.62 billion in May on the back of a sharp jump in petroleum products amid rising global crude oil prices. The share of petroleum products in India’s total imports

Topics : Indian Economy Exports imports trade deficit Trade exports trade policy