Exports jump to 32.21 billion USD in May; trade deficit at 6.32 billion USD
Indian exports rose 67.39% to $ 32.21 billion in May, driven by healthy growth in sectors such as engineering, pharmaceuticals, petroleum products and chemicals, according to government data published on Wednesday.
Exports in May of last year were $ 19.24 billion and in May 2019 they were $ 29.85 billion, according to preliminary data from the Commerce Ministry.
Imports in May increased 68.54% to reach 38.53 billion USD, compared to 22.86 billion USD in May 2020. In May 2019, imports amounted to 46.68 billion USD.
“India is therefore a net importer in May 2021 with a trade deficit of 6.32 billion USD, an increase of 74.69% compared to the 3.62 billion USD trade deficit in May 2020 and a reduction of 62, 49% from the USD 16.84 billion trade deficit in May 2019, ”the ministry said.
Oil imports during the month under review reached 9.45 billion USD, against 3.57 billion USD in May 2020. In May 2019, they amounted to 12.59 billion USD.
Exports from April to May of this year jumped to $ 62.84 billion, from $ 29.6 billion in the same period last year. It stood at $ 55.88 billion in April-May 2019, according to the data.
Imports from April to May 2021 amounted to 84.25 billion USD, an increase from 39.98 billion USD in April-May 2020. In April-May 2019, they were 89.07 billion billion USD.
In April-May 2021, oil imports amounted to 20.32 billion USD, compared to 8.24 billion USD in April-May 2020. In April-May 2019, they amounted to 24.16 billion USD.