The commerce ministry in its latest data has showed that India's merchandise exports witnessed a significant rise of 9.1 per cent to $38.13 billion in May 2024 as against $34.95 billion during the same period last year. The growth in exports was driven by robust performances in engineering, electronics, pharmaceuticals, textiles, and plastics, despite prevailing global economic uncertainties. Imports also increased by 7.71 per cent to $61.91 billion in the month under review from $57.48 billion in May 2023 due to an increase in crude oil imports. India's merchandise trade deficit widened on a year-on-year basis to a seven-month high of $23.78 billion during May 2024.
According to the data, merchandise exports during April-May 2024 were $73.12 billion as compared to $69.57 billion during April-May 2023. Merchandise imports during April-May 2024 were $116.01 billion as compared to $106.54 billion during April-May 2023. Merchandise trade deficit during April-May 2024 was $42.89 billion as compared to $36.97 billion during April-May 2023.
It further stated that non-petroleum and non-gems & jewellery exports in May 2024 were $28.60 billion as compared to $26.27 billion in May 2023. Non-petroleum and non-gems & jewellery exports in April-May 2024 were $54.71 billion as compared to $52.05 billion in April-May 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in May 2024 were $36.59 billion as compared to $36.31Billion in May 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-May 2024 were $69.31 billion as compared to $68.44 billion in April-May 2023.
