India’s exports continue upward climb in May, trade deficit hits 8-month low

India's exports have been growing steadily every month and rose 69.35 per cent in May. It may be noted that the trade deficit dropped to an eight-month low of USD 6.28 billion.

India's exports rose by 69.35 per cent to USD 32.27 billion in May on account of healthy growth in sectors such as engineering, petroleum products and gems and jewellery, even as the trade deficit dropped to an eight-month low of USD 6.28 billion, according to government data released on Tuesday. Exports stood at USD 19 billion in May last year and at USD 29.85 billion in May 2019, the data showed. Imports in May 2021 grew by 73.64 per cent to USD 38.55 billion, leaving a trade deficit of USD 6.28 billion for the month -- the lowest in eight months. The deficit, lower than this, was recorded at USD 2.91 billion in September 2020. Imports in May 2020 were recorded at USD 22.2 billion and at USD 46.68 billion in the same month of 2019. The trade deficit in May 2020 was USD 3.15 billion. Exports during April-May this year jumped to USD 62.89 billion from USD 29.41 billion in the same period of 2020. Imports during April-May 2021 came in at USD 84.27 billion, an increase from USD 39.32 billion in the corresponding two months of 2020. The trade deficit during the period under review was USD 21.38 billion against USD 9.91 billion in April-May 2019-20.