India's merchandise export rose by 15.46 per cent to USD 37.3 billion in May 2022 as compared to $32.30 billion in the same month last year, the government data showed on Thursday.
India's merchandise imports in May 2022 surged by 56.14 per cent to $60.62 billion as compared to $38.83 billion in May 2021. The trade deficit in May 2022 surged to $23.33 billion.
India's merchandise export in April-May 2022-23 rose to USD 77.08 billion, posting an increase of 22.26 per cent over $63.05 billion in the corresponding period of the previous year, according to data released by the Ministry of Commerce and Industry.
India's merchandise imports in April-May 2022-23 stood at $120.81 billion with an increase of 42.35 per cent over $84.87 billion in April -May 2021-22.
The value of non-petroleum exports in May 2022 was $29.18 billion, registering a positive growth of 8.13 per cent over non-petroleum exports of $26.99 billion in May 2021. The cumulative value of non-petroleum exports in April-May 2022-23 was $61.09 billion, an increase of 12.9 per cent over $54.11 billion in April-May 2021-22.
The value of non-petroleum and non-gems and jewellery exports in May 2022 was $26.08 billion, registering a positive growth of 8.57 per cent over non-petroleum and non-gems and jewellery exports of $24.02 billion in May 2021.
The cumulative value of non-petroleum and non-gems and jewellery exports in April-May 2022-23 was $54.52 billion, an increase of 14.15 per cent over the cumulative value of non-petroleum and non-gems and jewellery exports of $47.76 billion in April -May 2021-22.
Despite global headwinds, Indian engineering exports stood at $9.29 billion in May 2022 as against $8.62 billion in the same month last year recording a growth of 7.84 per cent. In the first two months of the current fiscal, the engineering exports were $18.97 billion, up 14.34 per cent over $16.59 billion in the same period the previous year showing that the sector is standing on firm footing and can withstand the challenges, said EEPC India Chairman Mahesh Desai.
"The recent reduction in excise duty on auto fuels is a much-needed relief. The custom duty calibration on raw materials of steel and measures to boost local availability of the key input to calm down steel prices show the government would respond as and when the situation warrants so," Desai said.
He further said that in the short and medium-term there are fears of demand slowdown in advanced economies which could potentially dent the ongoing momentum.
The value of non-petroleum imports was $42.48 billion in May 2022 with a positive growth of 44.7 per cent over non-petroleum imports of $29.36 billion in May 2021. The cumulative value of non-petroleum imports in April -May 2022-23 was $82.55 billion, showing an increase of 27.72 per cent compared to non-oil imports of $64.63 billion in April-May 2021-22.
( With inputs from ANI )
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