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India recorded the highest-ever merchandise export of 15.46% to $37.3 billion in may, trade deficit widens to $23.33 bn

By Priyanka Verma 
Updated Date

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.

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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.

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