Trade deficit widens to USD 23 billion in May 2022

NEW DELHI: India’s trade deficit in May 2022 widened to $23.33 billion due to a surge in imports of petroleum and crude oil. According to the Ministry of Commerce latest data, merchandise export in May is up by 15.46% year-on-year to $37.29 billion, while the imports surged 56.14% to $60.62 billion The trade deficit during the first two months of this fiscal widened to $43.73 billion as against $21.82 billion earlier. The trade deficit, in the same month last year (2021), stood at $6.53 billion.

“India has achieved a monthly value of merchandise export in May 2022 amounting $37.29 billion, an increase of 15.46% over $32.30 billion in May 2021. India’s merchandise export in April -May 2022-23 was $77.08 billion with an increase of 22.26% over $63.05 billion in April -May 2021-22,” said the ministry in a statement.

The increase in export was contributed by petroleum products (52.71%), electronic goods (41.46%) and RMG of all textiles (22.94%). The value of non-petroleum exports in May 2022 was $29.18 billion, registering a positive growth of 8.13% over non-petroleum exports of $26.99 billion in May 2021.

The cumulative value of non-petroleum exports in April to May 2022-23 was $61.09 billion, arise of 12.9% over $54.11 billion in April-May 2021-22. Similarly, the value of non-petroleum and non-gems and jewellery exports in May 2022 was $26.08 billion, registering a positive growth of 8.57% over non-petroleum and non-gems and jewellery exports of $24.02 billion in May 2021.