India's trade deficit widened to a record high in May as imports grew faster than exports during the month.
Merchandise exports rose by 20.55% to $38.94 billion in May while imports grew by 62.83% to $63.22 billion, according to government data released on Wednesday. That pegged the trade deficit at $24.29 billion, up from $6.53 billion a year ago.
Cumulative exports in April-May 2022-23 rose by 25% to $78.72 billion. Imports during the same time increased 45.42% to $123.41 billion. The trade deficit during the first two months of fiscal 2023 widened to $44.69 billion against $21.82 billion in the year-ago period.
During the month of May,
Petroleum and crude oil imports rose 102.72% to $19.2 billion.
Coal, coke and briquettes imports rose to $5.5 billion.
Gold imports increased to $6 billion from $677 million.
Engineering goods exports rose 12.65% to $9.7 billion.
Exports of petroleum products grew 60.87% to $8.54 billion.
Gems/jewellery exports stood at $3.22 billion.
Exports of chemicals rose 17.35% to $2.5 billion.
Pharma shipments rose 10.28% to $2 billion.
Garment exports rose 27.85% to $1.41 billion.
Export sectors that recorded negative growth in May include iron ore, cashew, handicrafts, plastics, carpet and spices.
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