Trade deficit widens to $6.28 billion as imports surge 73.64 per cent last month
India’s exports rose by 69.35 per cent to $32.27 billion in May, driven by healthy growth in sectors such as engineering, petroleum products and gem and jewellery, even as trade deficit widened to $6.28 billion, according to government data released on Tuesday.
Exports in May last year stood at $19 billion, and in May 2019 it was at $29.85 billion, the data showed.
Imports too grew in May 2021 by 73.64 per cent to $38.55 billion, from $222 billion in the same month a year ago – leaving a trade deficit for the month being reviewed at $6.28 billion. In May 2019, imports stood at $46.68 billion. Trade deficit in May 2020 stood at $3.15 billion.
Exports during April-May this year jumped to $62.89 billion, as against $29.41 billion in the same period last year.
Imports during April-May 2021 were recorded at $84.27 billion, an increase from $39.32 billion in the same two months of 2020. The trade deficit during the said period came in at $21.38 billion as against $9.91 billion in April-May 2020.
Oil imports during May 2021 rose to $9.45 billion, as compared to $3.49 billion in the same month of 2020.
Gold imports increased to $679 million during the month under review from $76.31 million in May 2020.
Exports of engineering, petroleum products and gems and jewellery in May stood at $8.64 billion, $5.33 billion and $2.96 billion, respectively.