India’s overall exports in May rise 24.03% to $62.21 billion
India’s overall exports (merchandise and services combined) in May are estimated to be $62.21 billion, a growth of 24.03% over the same period last year, according to the Ministry of Commerce & Industry’s data released on Wednesday (June 15).
“The merchandise exports in May were $38.94 billion, as compared to $32.30 billion in May 2021, exhibiting a positive growth of 20.55%. The estimated value of services export for May 2022 is $23.28 billion, exhibiting a positive growth of 30.32% vis-a-vis May 2021 ($17.86 billion),” the ministry said in a press release.
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“Petroleum products, electronic goods, leather products, coffee, cereal preparations and oil meals lead the way in exports growth,” it added.
Further, the ministry stated that India’s overall exports (merchandise and services combined) in April-May 2022 are estimated to be $124.59 billion, a 25.90% increase over the same period last.
The merchandise exports for April-May 2022 were $78.72 billion as against $63.05 billion during the period April-May 2021, a jump of 24.86%. The estimated value of services export for April-May 2022 is $45.87 billion, a growth of 27.71% vis-a-vis April-May 2021 ($35.92 billion), it said.
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The overall imports (merchandise and services combined) in May are estimated to be $77.65 billion, a 59.19% increase over the same period last year. The overall imports in April-May 2022 are estimated to be $151.89 billion, a growth of 45.44% over the same period last year.
The merchandise imports in May were $63.22 billion, which is an increase of 62.83% over imports of $38.83 Billion in May 2021. The merchandise trade deficit in May was estimated at $24.29 billion as against $6.53 billion in May 2021, which is an increase of 271.96%.
The merchandise imports for April-May 2022 were $123.41 billion as against $84.87 billion during April-May 2021, registering a growth of 45.42%. The merchandise trade deficit for April-May 2022 was estimated at $44.69 billion as against $21.82 billion in April-May 2021, which is an increase of 104.80%.
Non-petroleum and non-gems and jewellery exports in May were $27.16 billion, registering a growth of 13.10% over exports of $24.02 billion in May 2021. Non-petroleum, non-gems and jewellery (gold, silver and precious metals) imports were $34.79 billion in May with a growth of 31.66% over imports of $26.42 billion in May 2021.
During April-May 2022, non-petroleum and non-gems and jewellery exports were $55.60 billion, an increase of 16.42% over exports of $47.76 billion in April-May 2021. Non-petroleum, non-gems and jewellery (gold, silver and precious metals) imports were $70.42 billion in April-May 2022, recording a growth of 32.94%, as compared to imports of $52.97 billion in April-May 2021.
