What TV doesn't, print can't; we deliver.
What TV doesn't, print can't; we deliver.
NEW DELHI: Riding on strong performance by petroleum products, electronic goods, and chemicals, India’s merchandise exports increased by 15.46 per cent to USD 37.29 billion or Rs 2.8 lakh crore in May, the Ministry of Commerce said on Friday.
Imports during the same period saw even a bigger surge of over 56 per cent to USD 60.6 billion (Rs 4 lakh crore), sending the trade deficit to a staggering USD 23.31 billion or Rs 1.8 lakh crore during the last month.
Petroleum products constituted a major chunk of the total exports and witnessed 52.7 per cent growth on year-on-year (YoY) basis. This segment accounted for 56.1 per cent of the total export surge.
Exports of engineering goods also rose by 7.8 per cent compared to the corresponding month of 2021 and were responsible for 13.5 per cent of the yearly export growth.
Electronic goods exports increased by 41.5 per cent while exports in other categories also grew by 29.9 per cent, the ministry revealed.
However, exports of iron ore decreased by 59.2 per cent (a downfall of USD0.3 billion) during May 2022.
In the month of May, petroleum products and crude oil registered an increase of USD8.7 billion (Rs 0.67 lakh crore) or 91.6 per cent over the same period last year. It accounted for 39.8 per cent of the total import rise of USD21.8 billion (Rs 1.6 lakh crore) on a YoY basis.
Imports of gold witnessed a growth of USD5.2 billion (Rs 0.4 lakh crore).
“Increase in imports of coal, coke & briquettes led to a jump of 168 per cent on a yearly basis,” the ministry informed.
Electronic goods imports registered an increase of 28.4 per cent (USD1.2 billion) while imports of professional instrument and optical goods saw a fall by 41.7, it added.
Exports during April and May stood at USD75.5 billion or Rs 5.8 lakh crore while the total import value in the first two months of the financial year 2022-23 was pegged at USD118.9 (Rs 9.2 lakh crore), as per the ministry.
