Exports Jump 69% To $32.27 Billion In May, Trade Deficit Widens To $6.28 Billion

The country's trade deficit in goods widened to $6.28 billion in May 2021, from $3.15 billion during the corresponding period last year, according to government data released on Tuesday, June 15. Merchandise exports jumped 69.35 per cent in May from a year earlier to $32.27 billion, while imports were up 73.64 per cent to $38.55 billion, showed foreign trade data released by the Ministry of Commerce. (Also Read: Exports Jump 3-Fold To $30.63 Billion In April, Trade Deficit Widens To $15.10 Billion )

In May 2020, the trade deficit stood at $3.15 billion. According to government data, exports in May 2021 stood at $32.27 billion, compared to $19.05 billion in the same month last year, registering a growth of 69.35 per cent. The growth in exports was driven by sectors such as engineering, petroleum products, and gems and jewellery.

Imports also grew last month by 73.64 per cent to $38.55 billion, from $222 billion in the corresponding month a year ago. While in May 2019, imports stood at $ 46.68 billion. During April-May this year, exports jumped to $62.89 billion, compared to $29.41 billion in the year-ago. While imports in the same period stood at $84.27 billion, registering an increase from $39.32 billion in the corresponding months a year ago.

Meanwhile, oil imports last month grew to $9.45 billion, compared to $3.49 billion in the corresponding month last year. Gold imports rose to $679 million during the month, compared to $76.31 million in the year-ago period. Additionally, exports of engineering, petroleum products and gems and jewellery recorded last month were at $8.64 billion, $5.33 billion, and $2.96 billion, respectively.