Exports Rose 15% In May, Trade Deficit Widened To $23.33 Billion

Trade deficit widened to $23.33 billion in May

India's merchandise exports rose by 15.46 per cent to $37.29 billion in May on account of wholesome performance by sectors like petroleum merchandise, digital items and chemical compounds, even because the commerce deficit widened to $23.33 billion throughout the month, the Commerce Ministry stated on Thursday.

Imports throughout the month too grew by 56.14 per cent to $60.62 billion.

The commerce deficit in May 2021 stood at $6.53 billion.

"India's merchandise export in April - May 2023-23 was $77.08 billion with an increase of 22.26 per cent over $63.05 billion in April -May 2021-22," it stated.

Petroleum and crude oil imports throughout May 2023 surged by 91.6 per cent to $18.14 billion.

Coal, coke and briquettes imports jumped to $5.33 billion, as in opposition to $2 billion in May 2021.

Gold imports elevated to $5.82 billion throughout the month below review, from $677 million in May 2021.