India’s exports grew by 67.39 per cent to USD 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 USD 6.32 billion, according to government data released on Wednesday.
Exports in May last year stood at USD 19.24 billion and in May 2019 it was at USD 29.85 billion, the commerce ministry’s preliminary data showed.
Imports in May rose by 68.54 per cent to USD 38.53 billion, from USD 22.86 billion in May 2020. In May 2019, imports stood at USD 46.68 billion.
“India is thus a net importer in May 2021 with a trade deficit of USD 6.32 billion, an increase of 74.69 per cent over trade deficit USD 3.62 billion in May 2020 and reduction by 62.49 per cent over trade deficit USD 16.84 billion in May 2019,” the ministry said.
The country’s merchandise exports in April had jumped nearly three-fold to USD 30.63 billion, even as the trade deficit widened to USD 15.1 billion.