New Delhi: On Thursday, According to the official data, India recorded the highest-ever merchandise export in May 2022 was $37.29 billion, 15.46% year-on-year increase compared to $32.30 billion in May 2021. The performance was driven by healthy performance in segments such as petroleum products, electronic goods, and chemicals.
India’s merchandise export in the first two months of current fiscal year (April -May 2022-23) was $77.08 billion with an increase of 22.26% over $63.05 billion in April -May 2021-22. In May 2022, the non-petroleum exports registered a growth of 8.13% to $29.18 billion against $26.99 billion in May 2021. Further, the non-petroleum and non-gems and jewellery exports in May jumped by 8.57% to $26.08 billion compared to $24.02 billion in May last year. Notably, segments like petroleum products (52.71%), Electronic goods (41.46%), and RMG of all Textiles (22.94%) led the way in a high increase in exports during May 2022.
India’s merchandise import in May 2022 stood at $60.62 billion increasing by a whopping 56.14% over $38.83 billion in May 2021. During May this year, the non-petroleum imports were at $42.48 billion climbing 44.7% over $29.36 billion in May 2021. Further, non-oil, non-GJ (gold, silver & Precious metals) imports were at $33.61 billion surging by 27.2% compared to $26.42 billion in May 2021.
That said, the country’s trade deficit widened to $23.33 billion in May compared to $6.53 billion in the same month last year.