India’s merchandise exports in May rose by 20.55 per cent to USD 38.94 billion, while the trade deficit ballooned to a record USD 24.29 billion, according to the government data released on Wednesday.
Imports during May 2022 grew by 62.83 per cent to USD 63.22 billion, the data showed.
The trade deficit stood at USD 6.53 billion in the same month last year.
Cumulative exports in April-May 2022-23 rose by about 25 per cent to USD 78.72 billion.
Imports in April-May 2022-23 increased 45.42 per cent to USD 123.41 billion.
The trade deficit during the first two months of this fiscal widened to USD 44.69 billion against USD 21.82 billion in the year-ago period.
Petroleum and crude oil imports during May 2022 surged 102.72 per cent to USD 19.2 billion.
Coal, coke and briquettes imports jumped to USD 5.5 billion against USD 2 billion in May 2021.
Gold imports increased to USD 6 billion during the month under review from USD 677 million in May 2021.
Engineering goods exports in May increased by 12.65 per cent to USD 9.7 billion, while petroleum products exports grew by 60.87 per cent to USD 8.54 billion.