Trade data released by the Ministry of Commerce and Industry showed that India’s May trade deficit widened to $24.29 billion from $6.53 billion a year ago. May’s trade deficit was pushed up by a surge in imports, which rose 62.83% year-on-year to $63.22 billion, while exports rose 20.55% to $38.94 billion. Despite the uncertainty and volatility caused by the war in Europe, the engineering goods exports rose by 12.65 per cent year-on-year to $9.71 billion in May 2022.
India’s merchandise exports in the month of May rose by 20.55% to $38.94 billion. Imports grew by 62.83% to $63.22 billion. The trade deficit stood at $6.53 billion on May 2021. Cumulative exports in April-May 2022-23 rose by about 25% to $78.72 billion. Imports in April-May 2022-23 rose 45.42% to $123.41 billion.