India’s merchandise exports rose by 15.46 per cent to $37.29 billion in May on account of healthy performance by sectors like petroleum products, electronic goods and chemicals. Imports during the month too grew by 56.14 per cent to $60.62 billion.

As a result, trade deficit widened to $23.33 billion during the month, the Commerce Ministry said on Thursday. The trade deficit in May 2021 had stood at $6.53 billion. 

“India's merchandise export in April-May 2022-23 was $77.08 billion with an increase of 22.26 per cent over $63.05 billion in April-May 2021-22,” the ministry added. 

Petroleum and crude oil imports surged by 91.6 per cent to $18.14 billion in May 2022. Import of coal, coke and briquettes jumped to $5.33 billion as against $2 billion in May 2021. Gold imports increased to $5.82 billion during the month under review from $677 million in May 2021. Cumulative imports in April-May 2022-23 rose by 42.35 per cent to $120.81 billion. 

Trade deficit during the first two months of this financial widened to $43.73 billion as against $21.82 billion earlier. 

Engineering goods exports in May increased by 7.84 per cent to $9.3 billion, while petroleum products exports grew by 52.71 per cent to $8.11 billion. 

Gems and jewellery exports stood at $3.1 billion in May against $2.96 billion in the same month last year. Exports of chemicals rose by 12 per cent to $2.5 billion in May. Similarly, shipments of pharmaceutical and ready-made garments of all textile segments grew by 5.78 per cent and 23 per cent to $1.98 billion and $1.36 billion respectively during the month under review.