India’s merchandise trade deficit widened to a seven-month high in May, as per the official data released by the Ministry of Commerce and Industry on Friday.
The deficit was driven largely by a surge in imports. The merchandise trade deficit stood at $23.78 billion in May, up from $19.1 billion in April and $22.53 billion a year ago.
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The merchandise exports during May 2024 were $38.13 Billion as compared to $34.95 Billion in May 2023 while the imports were $61.91 billion as compared to $57.48 billion in May 2023.
Merchandise trade deficit during April-May 2024 was $42.89 billion as compared to $36.97 billion during April-May 2023, said the data from the ministry.
Merchandise exports during April-May 2024 were $73.12 billion as compared to $69.57 billion during April-May 2023. In terms of merchandise imports, it was $116.01 billion during the same period as compared to $106.54 billion.
India’s total exports, including the Merchandise and Services, for May 2024 is estimated at $68.29 billion, registering a positive growth of 10.25 per cent vis-à-vis May 2023.
Total imports for May 2024 is estimated at USD 79.20 billion, registering a positive growth of 7.95 per cent vis-à-vis May 2023.
Non-petroleum and non-gems and jewellery exports in May 2024 were $28.60 billion as compared to $26.27 billion in May last year.
Non-petroleum, non-gems and jewellery (gold, silver & precious metals) imports in May 2024 were $36.59 billion as compared to $36.31 billion in May 2023.
In terms of services, the ministry said the estimated value of services export for May 2024 is $30.16 billion as compared to $26.99 billion in May 2023.
The estimated value of services imports for May 2024 is $17.28 billion as compared to $15.88 billion in May 2023.
As per the government data, the top five export destinations, in terms of change in value, exhibiting positive growth in May 2024 vis a vis May 2023 are USA (13.06%), Netherland (43.92%), UAE (19.43%), Malaysia (86.95%) and U K (33.54%).
The top five import sources, in terms of change in value, exhibiting growth in May 2024 vis a vis May 2023 are UAE (49.93%), Iraq (58.68%), Russia (18.02%), Angola (1274.95%) and Indonesia (23.36%).
