India’s exports jump by 24 pc to $62.21 billion in May

New Delhi, Jun 15: India's overall exports (Merchandise and Services combined) rose by 24.03 per cent year-on-year to USD 62.21 Billion in May, Ministry of Commerce & Industry data said on Wednesday.

The merchandise exports in May 2022 were USD 38.94 Billion, as compared to USD 32.30 Billion in May 2021, witnessing a positive growth of 20.55 per cent. The estimated value of services export for May 2022 is USD 23.28 Billion, exhibiting a positive growth of 30.32 per cent vis-a-vis May 2021 (USD 17.86 Billion), a statement from the ministry said.

India's overall exports (Merchandise and Services combined) in April-May 2022 are estimated to be USD 124.59 Billion, exhibiting a positive growth of 25.90 per cent over the same period last. The merchandise exports for the period April-May 2022 were USD 78.72 Billion as against USD 63.05 Billion during the period April-May 2021, registering a positive growth of 24.86 per cent.

The estimated value of services export for April-May 2022 is USD 45.87 Billion, a positive growth of 27.71 per cent vis-a-vis April-May 2021 (USD 35.92 Billion).

The overall imports (Merchandise and Services combined) in May 2022 are estimated to be USD 77.65 Billion, exhibiting a positive growth of 59.19 per cent over the same period last year. The overall imports in April-May 2022 are estimated to be USD 151.89 Billion, exhibiting a positive growth of 45.44 per cent over the same period last year.

Due to a sharp jump in imports, the merchandise trade deficit in May 2022 surged to $24.29 billion as against $6.53 billion recorded in May 2021. The trade deficit has jumped by 271.96 per cent year-on-year. Merchandise imports for the period April-May 2022 stood at $123.41 billion as against $84.87 billion during the period April-May 2021, registering a growth of 45.42 per cent. The merchandise trade deficit for April-May 2022 widened to $44.69 billion as against $21.82 billion in April-May 2021, which is an increase of 104.80 per cent, ANI reported.