Exports Rise 20.55% to $38.94 billion in May; Trade Deficit at Record $24.29 billion

· Imports during May 2022 Grew by 62.83 per cent to $63.22 billion

· Petroleum and crude oil imports during May 2022 surged 102.72 per cent to $19.2 billion.

· Coal, coke and briquettes imports jumped to $5.5 billion against $2 billion in May 2021.

· Gold imports increased to $6 billion during the month under review from $677 million in May 2021.

India's merchandise exports in May rose by 20.55 per cent to $38.94 billion, while the trade deficit ballooned to a record $24.29 billion, according to the government data released on Wednesday. Imports during May 2022 grew by 62.83 per cent to $63.22 billion, the data showed.

The trade deficit stood at $6.53 billion in the same month last year.

Cumulative exports in April-May 2022-23 rose by about 25 per cent to $78.72 billion.

Imports in April-May 2022-23 increased 45.42 per cent to $123.41 billion.

The trade deficit during the first two months of this fiscal widened to $44.69 billion against $21.82 billion in the year-ago period.

Petroleum and crude oil imports during May 2022 surged 102.72 per cent to $19.2 billion.

Coal, coke and briquettes imports jumped to $5.5 billion against $2 billion in May 2021.

Gold imports increased to $6 billion during the month under review from $677 million in May 2021.

Export sectors that recorded negative growth in May include iron ore, cashew, handicrafts, plastics, carpet and spices.

The commerce ministry said the estimated value of services import for May is $14.43 billion, exhibiting a positive growth of 45.01 per cent compared to $9.95 billion in the same month last year.

"The estimated value of services imports for April-May 2022 is $28.48 billion exhibiting a positive growth of 45.52 per cent vis-a-vis April-May 2021 ($19.57 billion)," it added.