India’s exports rose 9 percent to $38.13 billion

Despite global uncertainties, exports of goods from India rose 9 percent year-on-year to $38.13 billion in May 2024. Goods worth $34.95 billion were exported from the country in the same period a year ago. The trade deficit also widened last month to a seven-month high of $23.78 billion. Earlier, the highest trade deficit of $31.46 billion was recorded in October 2023.

According to data released by the Commerce Ministry on Friday, imports also rose 7.7 percent to $61.91 billion in May due to increased purchase of crude oil. Imports worth $57.48 billion were made in May 2023. The ministry said that exports have increased due to better performance of sectors like engineering, electronics, pharmaceuticals, textiles and plastics. Earlier, in April 2024, the country’s exports had declined to $41.68 billion. In the first two months of the current financial year, i.e. April-May, exports grew by 5.1 percent to reach $ 73.12 billion. Imports also grew by 8.89 percent to reach $ 116 billion.