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