India’s merchandise exports in May jumped 20.55 per cent year-on-year to $38.94 billion, while the imports increased 62.83 per cent year-on-year to $63.22 billion during the month. Thus, the trade deficit during the month was $24.29 billion as against $6.53 billion in May 2021. Services exports saw a growth of 30.32 per cent during May to $23.28 billion as compared with $17.86 billion a year ago, according to the official data released on Wednesday.
The country goods exports had stood at $32.30 billion in the corresponding month of the previous year, while the imports were $38.83 billion.
India’s total exports (both merchandise and services) in May are estimated to be $62.21 billion, exhibiting a positive growth of 24.03 per cent over the same period last year. The country’s overall imports (both merchandise and services) in May 2022 are estimated to be $77.65 billion, exhibiting a positive growth of 59.19 per cent over the same period last year, according to the data.
“The merchandise exports in May 2022 were $38.94 billion, as compared to $32.30 billion in May 2021, exhibiting a positive growth of 20.55 per cent. The estimated value of services export for May 2022 is $23.28 billion, exhibiting a positive growth of 30.32 per cent vis-a-vis May 2021 ($17.86 billion),” the commerce and industry ministry said in a statement.
During April-May 2022, India’s overall exports were $124.59 billion, exhibiting a positive growth of 25.90 per cent over the same period last. The merchandise exports for the period stood at $78.72 billion as against $63.05 billion in the year-ago period, registering a positive growth of 24.86 per cent.
The estimated value of services export for April-May 2022 is USD 45.87 billion, showing a growth of 27.71 per cent vis-a-vis April-May 2021 (USD 35.92 billion).
The country’s overall imports during April-May 2022 are estimated to be USD 151.89 billion, pointing to a 45.44 per cent jump over the same period last year.
Non-petroleum and non-gems & jewellery exports in May 2022 were USD 27.16 billion, registering a positive growth of 13.10 per cent over non-petroleum and non-gems & jewellery exports of $24.02 Billion in May 2021.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $34.79 Billion in May 2022 with a positive growth of 31.66 per cent over Non-petroleum, non-gems & jewellery imports of $26.42 billion in May 2021.
During April-May 2022, non-petroleum and non-gems & jewellery exports stood at $55.60 billion, an increase of 16.42 per cent over non-petroleum and non-gems & jewellery exports of USD 47.76 billion in April-May 2021.
“Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $70.42 billion in April-May 2022, recording a positive growth of 32.94 per cent, as compared to non-petroleum, non-gems & jewellery imports of $52.97 billion in April-May 2021,” the statement said.
Services imports during May 2022 stood at $14.43 billion, showing a rise of 45.01 per cent vis-à-vis May 2021 ($9.95 billion). The services trade balance in May 2022 is estimated at $8.85 billion, which is an increase of 11.85 per cent over May 2021 (USD 7.91 billion), it added.
During April-May 2022, Services imports jumped 45.52 per cent year-on-year to $28.48 billion as compared with $19.57 billion in April-May 2021. The services trade balance for April-May 2022 is estimated at $17.39 billion as against $16.35 billion in April-May 2021, which is an increase of 6.39 per cent, the data showed.
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