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LATEST NEWS UPDATES | Trade deficit widens to record $23.33 bn -Vikas Dhoot

Trade deficit widens to record $23.33 bn -Vikas Dhoot

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published Published on Jun 2, 2022   modified Modified on Jun 3, 2022

-The Hindu

Exports rose 15.5% in May while imports surged 56.1% to stay above $60 bn for third month

India’s merchandise trade deficit widened to a monthly record of $23.33 billion in May, as exports grew 15.5% to $37.3 billion while imports jumped 56.1% to $60.62 billion, as per preliminary data from the Commerce and Industry Ministry. The previous highest monthly trade deficit was last November’s $22.91 billion.

Goods exports shrank 7.2% from April’s $40.19 billion of outbound trade, resulting in the merchandise trade deficit for the first two months of 2022-23 widening to $41.73 billion. The figure for April-May 2021 was $21.82 billion.

While petroleum exports, which surged 52.7% from May 2021, electronics (41.5%) and readymade textile garments (22.9%), led the exports growth last month, the overall growth rate almost halved to an 8.1% pace if petroleum exports were excluded. May’s overall export growth was the slowest in 15 months.

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The Hindu, 2 June, 2022, https://www.thehindu.com/business/Economy/trade-deficit-widens-to-record-2333-bn/article65488487.ece?homepage=true


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