Exports jump to $32.21 billion in May; trade deficit at $6.32 billion

India’s exports grew by 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 released on Wednesday.

Exports in May last year stood at $19.24 billion and in May 2019 it was at $29.85 billion, the commerce ministry’s preliminary data showed.

Imports in May rose by 68.54 % to $38.53 billion, from $22.86 billion in May 2020. In May 2019, imports stood at $ 46.68 billion.

“India is thus a net importer in May 2021 with a trade deficit of $6.32 billion, an increase of 74.69 % over trade deficit $ 3.62 billion in May 2020 and reduction by 62.49 % over trade deficit $16.84 billion in May 2019,” the ministry said.

Oil imports during the month under review rose to $9.45 billion, as compared to $3.57 billion in May 2020. In May 2019, it stood at $12.59 billion.

Exports during Apr-May this year jumped to $62.84 billion, as against $29.6 billion in the same period last year. It was $55.88 billion in Apr-May 2019, the data showed.

Imports during Apr-May 2021 were $84.25 billion, an increase from $39.98 billion in April-May 2020. In Apr-May 2019 it stood at $89.07 billion.

In Apr-May 2021, oil imports aggregated at $20.32 billion from $8.24 billion in Apr-May 2020. In Apr-May 2019 it was $24.16 billion.