India's overall exports, merchandise and services combined, rose by 24.03 per cent year-on-year to $62.21 billion in May, the government data showed on Wednesday.
The merchandise exports in May 2022 stood at $38.94 billion as compared to $32.30 billion recorded in the same month last year, registering a year-on-year growth of 20.55 per cent.
The estimated value of services export for May 2022 is $23.28 billion, which is 30.32 per cent higher as compared with $17.86 billion recorded in May 2021, as per the data released by the Ministry of Commerce and Industry.
For the first two months of the current financial year, overall exports rose to $124.59 billion, posting 25.90 per cent year-on-year growth.
The merchandise exports for the period April-May 2022 rose to $78.72 billion as against $63.05 billion recorded during the period April-May 2021, registering a positive growth of 24.86 per cent.
The estimated value of services export for April-May 2022 is $45.87 billion, exhibiting year-on-year growth of 27.71 per cent over $35.92 billion recorded in the April-May 2021 period.
The overall imports, merchandise and services combined, surged by 59.19 per cent year-on-year to $77.65 billion.
For the first two months of the current financial year, the overall imports are estimated to be $151.89 billion, exhibiting a positive growth of 45.44 per cent over the same period last year.
Merchandise imports in May 2022 were $63.22 billion, which is an increase of 62.83 per cent over imports of $38.83 billion in May 2021.
Due to a sharp jump in imports, the merchandise trade deficit in May 2022 surged to $24.29 billion as against $6.53 billion recorded in May 2021. The trade deficit has jumped by 271.96 per cent year-on-year.
Merchandise imports for the period April-May 2022 stood at $123.41 billion as against $84.87 billion during the period April-May 2021, registering a growth of 45.42 per cent.
The merchandise trade deficit for April-May 2022 widened to $44.69 billion as against $21.82 billion in April-May 2021, which is an increase of 104.80 per cent.
( With inputs from ANI )
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