As per the data released by the Ministry of Commerce & Industry, India’s merchandise exports were USD 38.94 Billion in May 2022 compared to USD 32.30 Billion in May 2021, registering a 20.55% growth.
The imports increased from USD 38.83 Billion in May 2021 to USD 63.22 Billion in May 2022, i.e., a growth of 62.83% Y-o-Y.
| May 2022 (USD Billion) | May 2021 (USD Billion) | Percentage change (Y-o-Y) | |
| Exports | 38.94 | 32.30 | 20.55% |
| Imports | 63.22 | 38.83 | 62.83% |
| Trade Balance | -24.29 | -6.53 | -271.96% |
The merchandise trade deficit increased sharply, from USD 6.53 Billion in May 2021 to USD 24.29 Billion in May 2022, showing a 271.96% change Y-o-Y.
It continued to increase due to a sharp rise in imports compared to exports, mainly of Silver, Gold, Coal, Coke & Briquettes, etc. and Petroleum, Crude & products. The imports of these commodities increased by 2800.06%, 789.20%, 172.10%, and 102.72% respectively, compared to May 2021.
Export Growth in Commodity Groups in May 2022
Import Growth in Commodity Groups in May 2022:
Sources
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