Trade deficit widens to $23.33 billion.
India's merchandise exports rose by 15.46% to $37.29 billion in May 2022 on account of healthy performance by sectors like petroleum products, electronic goods and chemicals, even as the trade deficit widened to $23.33 billion during the month.Imports during the month too grew by 56.14% to $60.62 billion. The surge was driven by petroleum and crude oil imports, which increased by 91.6% to $18.14 billion.
The trade deficit, in the same month last year, stood at $6.53 billion. The period was marked by a second COVID-19 wave, which dampened the international trade.
According to data released by the Ministry of Commerce and Industry on Thursday, India's merchandise export in April-May 2022-23 was $77.08 billion with an increase of 22.26% over $63.05 billion in April-May 2021-22.
Value of non-petroleum exports in May this year was $29.18 billion, registering a positive growth of 8.13% over non-petroleum exports of $26.99 billion in May last year. The cumulative value of non-petroleum exports in April -May 2022-23 was $61.09 billion, an increase of 12.9% over $54.11 billion in April-May 2021-22.
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