India's exports grow by 24% to $62.21 billion in May

New Delhi, June 15: India's overall exports, merchandise and services combined, increased by 24.03 percent year-on-year to $62.21 billion in May, the data released by the Government showed on Wednesday.

In May 2022, merchandise exports totalled $38.94 billion, up from $32.30 billion in the same month the previous year, representing a 20.55 percent increase year over year. According to data released by the Ministry of Commerce and Industry, the estimated value of services export for May 2022 is $23.28 billion, up 30.32 percent from $17.86 billion in May 2021.

Overall exports for the first two months of the current fiscal year totalled $124.59 billion, up 25.90 percent year on year.

The value of merchandise exports in April-May 2022 increased by 24.86 percent to $78.72 billion, up from $63.05 billion in April-May 2021.

The estimated value of services exports for April-May 2022 is $45.87 billion, up from $35.92 billion in April-May 2021. This is a year-on-year increase of 27.71 percent.

Imports of all categories, including merchandise and services, increased by 59.19 percent year over year to $77.65 billion.

Overall imports for the first two months of the current fiscal year are estimated to be $151.89 billion, representing a 45.44 percent increase over the same period last year.

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Imports of merchandise totalled $63.22 billion in May 2022, up from $38.83 billion in May 2021, a 62.83 percent increase.

The merchandise trade deficit in May 2022 increased to $24.29 billion, up from $6.53 billion in May 2021, due to a substantial increase in imports. The trade deficit grew by 271.96% year on year.

Imports of merchandise totalled $123.41 billion in April-May 2022, up from $84.87 billion in April-May 2021, a 45.42 percent increase.

The merchandise trade deficit in April-May 2022 increased to $44.69 billion, up from $21.82 billion in April-May 2021, a 104.80% rise.

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-PTC News