New Delhi, June 2 (Agency) Led by surge in petroleum products, electronic goods and readymade garments, India’s merchandise exports rose 15.46% to $37.29 billion in May, 2022 as compared to $32.30 billion in May 2021, according to data released by Commerce Ministry on Thursday. India’s merchandise import in May 2022 was $ 60.62 billion, an increase of 56.14% over $ 38.83 billion in May 2021. The trade deficit in May 2022 stood at $ 23.33 billion as compared to $ 6.53 billion in the same month last year.
As per the preliminary data, 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. “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,” an official statement said. Among the major commodity groups, the value of engineering goods exports stood at $ 9.29 billion in May 2022, up 7.84% over 8.62 billion in the same month last year. Petroleum products exports stood at $ 8.11 billion in May, higher by 52.71% as compared to $ 5.31 billion in corresponding period last year. Electronic goods exports surged 41.46% in May 2022 to $ 1.33 billion as compared to $ 947 million in May 2021.
Among other items which recorded positive growth during the period under review included gems and jewellery, readymade garments (RMG) of all textiles and chemicals. 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. With global crude prices scaling up, imports of petroleum and crude oil surged 91.6% year-on-year in May 2022 $18.14 billion. Reflecting high energy prices in global market and higher demand, imports of coal, coke and briquettes climbed 167.73% year-on-year to $5.33 billion in May, 2022. Gold imports skyrocketed to $5.82 billion in May 2022 as compared to $ 677.67 million in May 2021. Value of non-petroleum imports was $ 42.48 billion in May 2022 with a positive growth of 44.7% over non-petroleum imports of $ 29.36 billion in May 2021. “Value of non-oil, non-GJ (gold, silver & precious metals) imports was $ 33.61 billion in May 2022 with a positive growth of 27.2% over non-oil and non-GJ imports of $ 26.42 billion in May 2021,” Commerce Ministry said.