Exports Of Goods Increased By 67% In May
Exports of goods increased by 67% in May, imports also increased by 68.54%: Ministry of Commerce and Industry.
In May this year, goods worth $ 32.21 billion were exported from India to other countries. This shows an increase of 67.39 percent on a yearly basis.
In a statement issued by the Ministry of Commerce and Industry, it has been said that merchandise exports in May this year showed an increase of 7.93 percent as compared to May 2019.
According to the data released by the ministry, in May 2021, goods worth $ 38.53 billion were imported into India. This shows an increase of 68.54 percent over May 2020 and 17.47 percent over May 2019.
India’s merchandise imports in May 2021 was USD 38.53 billion, an increase of 68.54% over May 2020 and a decline of 17.47% over May 2019: Ministry of Commerce & Industry
According to the data released by the government on Wednesday, this increase in exports was due to strong growth in engineering, pharmaceuticals, petroleum products, and chemical sectors.
The ministry has said, “In this way, in May 2021, India remained an importer on a net basis. Thus there was a trade deficit of $ 6.32 billion.
This shows an increase of 74.69 percent in the trade deficit as compared to May 2020. India’s trade deficit stood at $3.62 billion in May 2020.
However, the trade deficit decreased by 62.49 percent in May 2021 as compared to May 2019. India’s trade deficit stood at $16.84 billion in May 2019.
According to the data released by the government, oil imports increased to $ 9.45 billion in the month under review. It stood at $3.57 billion in May 2020.
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