India’s exports increase 3.93% in May; trade deficit widens to $15.36 billion

17 Jun 2019 Evaluate

India’s merchandise exports grew by 3.93 percent in May to $29.99 billion as compared to same period of last year, on the back of healthy growth in electronics and chemicals shipments. However, trade deficit, gap between imports and exports, widened to $15.36 billion during the month under review, as against the deficit of $14.62 billion in May 2018.

As per the data released by the Commerce Ministry, merchandise exports grew by 3.93% to $29.99 billion in May 2019, as compared to $28.86 billion in the same month a year ago. In Rupee terms, exports were higher by 7.36% to Rs 2,09,280.62 crore in May 2019, as compared to Rs 1,94,928.45 crore in May 2018. Cumulative value of exports for the period April-May 2019-20 was $56.07 billion as against $54.77 billion during the period April- May 2018-19, registering a positive growth of 2.37%. In Rupee terms, it was up by 6.94% to Rs 3,90,301.96 crore from Rs 3,64,981.41 crore.

Non-petroleum and Non Gems and Jewellery exports in May 2019 were $21.42 billion, as compared to $19.94 billion in May 2018, exhibiting a positive growth of 7.42%. Non-petroleum and Non Gems and Jewellery exports in April- May 2019-20 were $40.96 billion, as compared to $39.74 billion for the corresponding period in 2018-19, an increase of 3.07%.

On the other hand, imports during May 2019 rose by 4.31% to $45.35 billion as compared to imports of $43.48 billion in May 2018, and in rupee terms it was up by 7.76% to Rs 3,16,448.93 crore from Rs 2,93,660.48 crore in March 2018. Cumulative value of imports for the period April- May 2019-20 was $86.75 billion, as against $83.11 billion during the period April- May 2018-19, registering a positive growth of 4.39%. In rupee terms, it was Rs 6,03,881.86 crore, up by 9.05% from Rs 5,53,745.15 crore in the same period last year.

Oil imports in May 2019 were $12.44 billion, which was 8.23% higher, compared to $11.50 billion in May 2018. Oil imports in April- May 2019-20 were $23.82 billion which was 8.72% higher compared to $21.91 billion, over the same period last year. Non-oil imports were estimated at $32.91 billion in May 2019. Non-oil imports in April- May 2019-20 were $62.93 billion which was 2.84% higher, compared to $61.19 billion in April- May 2018-19. Non-Oil and Non-Gold imports were $28.13 billion in May 2019, down 1.31% over the same period of last year. Non-Oil and Non-Gold imports were $54.18 billion in April- May 2019-20, down 1.73%, over the same period of last year.

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