Exports rise to over $32 bn in May

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SME Times News Bureau | 02 Jun, 2021
India's merchandise exports in May 2021 rose to $32.21 billion, higher by 67.39 per cent over $19.24 billion in May 2020, the preliminary official data showed on Wednesday.

Besides, the exports last month recorded a 7.93 per cent growth over $29.85 billion in May 2019.

The country's merchandise exports in April 2021 had risen to $30.63 billion.

As per the data, the value of non-petroleum exports rose 54.06 per cent last month to $26.94 billion over $17.49 billion in May 2020 and a positive growth of 8.08 per cent over $24.92 billion in May 2019.

"The value of non-petroleum and non-gems and jewellery exports in May 2021 was USD 23.97 billion, registering a positive growth of 45.96 per cent over USD 16.42 billion in May 2020 and a positive growth of 11.51 per cent over USD 21.5 billion in May 2019," an official statement on foreign trade said.

Similarly, India's merchandise imports in May 2021 were $38.53 billion, with an increase of 68.54 per cent over $22.86 billion in May 2020.

However, imports declined by 17.47 per cent over $46.68 billion in April 2019.

On the other hand, oil imports grew by 164.46 per cent to $9.45 billion from $3.57 billion in May 2020 and a negative growth of 24.94 per cent compared to $12.59 billion in May 2019.

"Non-oil imports in May 2021 was estimated at $29.08 billion, showing an increase of 50.77 per cent compared to $19.29 billion in May 2020 and a decrease of 14.71 per cent compared to USD 34.09 billion in May 2019."

"Non-oil, non-GJ (gold, silver & Precious metals) imports was USD 26.14 billion in May 2021, recording a positive growth of 41.32 per cent, as compared to non-oil and non-GJ imports of USD 18.5 billion in May 2020 and a negative growth of 4.08 per cent over USD 27.25 billion in May 2019."

Consequently, trade deficit in May 2021 was $6.32 billion, which increased by 74.69 per cent over trade deficit of $3.62 billion in May 2020.

"India is thus a net importer in May 2021 with a trade deficit of USD 6.32 billion, increase of 74.69 per cent over trade deficit USD 3.62 billion in May 2020 and reduction by 62.49 per cent over trade deficit USD 16.84 billion in May 2019."