India Export Rise: The country’s export of goods has increased by 15.46 percent to $ 37.29 billion in May. This information has been received from the data released by the Ministry of Commerce on Thursday. Exports have increased mainly due to good performance of petroleum products, electronics goods and chemicals sector. However, during this period the trade deficit also increased to $ 23.33 billion.
Imports in May increased by 56.14 percent to $ 60.62 billion. The trade deficit stood at $6.53 billion in May 2021. The Commerce Ministry said, “The country’s export of goods has increased by 22.26 percent to $ 77.08 billion in April-May, 2022-23. With this, the export figure in the first two months of the last financial year was $ 63.05 billion.
export of these goods increased
Petroleum products (52.71%), electronic goods (41.46%) and RMG (22.94%) of all textiles have shown high growth in exports during May 2022, the government statement said. Engineering goods exports rose 7.84 percent to $9.3 billion in May, while petroleum products exports rose 52.71 percent to $8.11 billion. At the same time, gems and jewelery exports stood at $ 3.1 billion in May, as compared to $2.96 billion in the same month last year. Chemicals exports grew 12 per cent to $2.5 billion in May. Similarly, shipments of pharma and readymade garments grew by 5.78 per cent and 23 per cent to $1.98 billion and $1.36 billion, respectively, during the month under review.
What are the import figures?
On the other hand, imports of goods last month stood at $ 60.62 billion, which is 56.14 percent higher than the figure of $ 38.83 billion in 2021. In May 2022, imports of petroleum and crude oil jumped 91.6 percent to reach $ 18.14 billion. During this period, imports of coal, coke and briquettes increased to $5.33 billion from $2 billion in the same month last year. Gold imports increased to $ 5.82 billion in the month under review, from $ 677 million in May 2021.
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