India’s exports hit a record $37.3 bn in May

However, merchandise imports into the country increased at a faster pace of 56.14 per cent in May 2022 to $60.62 billion compared with imports valued at $38.83 billion in May 2021. This leaves a trade deficit of $23.32 billion for the month, data released by the commerce ministry showed.

Merchandise exports from the country during the first two months of 2022-23 jumped 22.3 per cent to $77 billion against $63 billion in April-May 2021-22. 

Merchandise imports in April-May 2022-23, on the other hand, increased by 42.35 per cent to $120.81 billion against imports valued at $84.87 billion in April -May 2021-22.

Merchandise trade deficit of the country for the first two months of the fiscal (April-May 2022-23) stands at $43.81 billion. 

Non-petroleum exports from the country increased by 12.9 per cent year-on-year to $61 billion while exports of petroleum products, electronic goods and readymade garments recorded major increase in April-May 2022-23.

Value of non-petroleum exports in May 2022 stood at $29.18 billion, showing a growth of 8.13 per cent over non-petroleum exports valued at $26.99 billion in May 2021. Cumulative value of non-petroleum exports in April -May 2022-23 increased by 12.9 per cent to $61.09 billion against $54.11 billion in April -May 2021-22.

Value of non-petroleum and non-gems and jewellery exports in May 2022 increased by 8.57 per cent to $26.08 billion against non-petroleum and non-gems and jewellery exports of $24.02 billion in May 2021. Cumulative value of non-petroleum and non-gems and jewellery exports in April -May 2022-23 rose 14.15 per cent to $54.52 billion over cumulative exports of non-petroleum and non-gems and jewellery valued at $47.76 billion in April -May 2021-22.

Petroleum products (52.71 per cent), electronic goods (41.46 per cent) and RMG of all textiles (22.94 per cent) led the way in high increase in exports during May 2022.

Value of non-petroleum imports increased by 44.7 per cent to $42.48 billion in May 2022 against non-petroleum imports valued at $29.36 billion in May 2021. Cumulative value of non-petroleum imports in April-May 2022-23 increased by 27.72 per cent t $82.55 billion compared to non-oil imports of $64.63 billion in April-May 2021-22.

Value of non-oil, non-GJ (gold, silver and other precious metals) imports increased by 27.2 per cent to $33.61 billion in May 2022 against non-oil and non-GJ imports of $26.42 billion in May 2021. Non-oil, non-GJ (gold, silver and other precious metals) imports in April-May 2022-23 increased by 30.71 per cent to $69.25 billion, against non-oil and non-GJ imports of $52.97 billion in April -May 2021-22.