India Trade Deficit: India’s May trade deficit widens to $24.29 billion

India’s May trade deficit widened to $24.29 billion from $6.53 billion a year ago, a government statement said on Wednesday.
May’s trade deficit was pushed up by a surge in imports, which rose 62.83% year-on-year to $63.22 billion, while exports rose 20.55% to $38.94 billion, revised trade data released by the Ministry of Commerce and Industry showed.
India’s merchandise exports in the month of May rose by 20.55% to $38.94 billion. Imports grew by 62.83% to $63.22 billion. The trade deficit stood at $6.53 billion on May 2021.

Cumulative exports in April-May 2022-23 rose by about 25% to $78.72 billion. Imports in April-May 2022-23 rose 45.42% to $123.41 billion.
The trade deficit during the first two months of the ongoing fiscal widened to $44.69 billion against $21.82 billion in the same time frame last year.
(The one-stop destination for MSME, ET RISE provides news, views and analysis around GST, Exports, Funding, Policy and small business management.) Download The Economic Times News App to get Daily Market Updates & Live Business News.