India’s Exports Jump 69.35% to $32.27 Bn in May; Trade Deficit Widens to $6.28 Bn

India’s Exports Jump 69.35% to $32.27 Bn in May; Trade Deficit Widens to $6.28 Bn India's exports jump to $32.27 bn in May, 2021. (Source: Pexels)

New Delhi: India’s exports rose by 69.35 per cent to USD 32.27 billion in May, driven by healthy growth in sectors such as engineering, petroleum products and gems and jewellery, even as the trade deficit widened to USD 6.28 billion, according to government data released on Tuesday.

Exports in May last year stood at USD 19 billion, and in May 2019 it was at USD 29.85 billion, the data showed.

Imports too grew in May 2021 by 73.64 per cent to USD 38.55 billion — leaving a trade deficit for the month being reviewed at USD 6.28 billion.

India’s imports in May 2020 were at USD 22.2 billion. In May 2019, imports stood at USD 46.68 billion. The trade deficit in May 2020 stood at USD 3.15 billion.

Note: i) The latest data for services sector released by RBI is for April 2021. The data for May 2021 is an estimation, which will be revised based on RBI’s subsequent release ii) the figures in the bracket are growth rates vis-à-vis corresponding period of last year. (Source: PIB)

Exports during April-May this year jumped to USD 62.89 billion, as against USD 29.41 billion in the same period last year.

Imports during April-May 2021 were recorded at USD 84.27 billion, an increase from USD 39.32 billion in the same two months of 2020.

The trade deficit during the said period came in at USD 21.38 billion as against USD 9.91 billion in April-May 2020.

Oil imports during May 2021 rose to USD 9.45 billion, as compared to USD 3.49 billion in the same month of 2020.

Gold imports increased to USD 679 million during the month under review from USD 76.31 million in May 2020.

Exports of engineering, petroleum products and gems and jewellery in May stood at USD 8.64 billion, USD 5.33 billion and USD 2.96 billion, respectively.

(With PTI Inputs)

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