New Delhi, June 2
India’s exports grew by 67.39% to $32.21 billion in May driven by healthy growth in sectors such as engineering, petroleum products and gems and jewellery, even as trade deficit widened to $6.32 billion, according to government data released on Wednesday.
Exports in May last year stood at $19.24 billion and in May 2019 it was at $29.85 billion, the Commerce Ministry’s preliminary data showed. Imports in May rose by 68.54% to $38.53 billion, from $22.86 billion in May 2020. In May 2019, imports stood at $46.68 billion.
Engg, petro products drive growth
- Exports in May last year stood at $19.24 billion and in May 2019 it was at $29.85 billion
- Merchandise exports in April had jumped nearly three-fold to $30.63 billion, even as the trade deficit widened to $15.1 billion
“India is thus a net importer in May 2021 with a trade deficit of $6.32 billion, an increase of 74.69% over trade deficit $3.62 billion in May 2020 and reduction by 62.49% over trade deficit $16.84 billion in May 2019,” the ministry said.
Oil imports during May this year rose to $9.45 billion, as compared to $3.57 billion in May 2020. In May 2019, it stood at $12.59 billion.
Exports during Apr-May this year have jumped to $62.84 billion, as against $29.6 billion in the same period last year. It was $55.88 billion in Apr-May 2019, the data showed.
Imports during April-May 2021 were $84.25 billion, up from $39.98 billion in April-May 2020. In April-May 2019, it stood at $89.07 billion.
In April-May 2021, oil imports aggregated at $20.32 billion, up from $8.24 billion in April-May 2020. — PTI