India's exports grew 10.2 percent in May, trade deficit also reduced

Ronit Kawale
Ronit Kawale - Senior Editor
3 Min Read

According to data released by the Commerce Ministry on Friday, India's total exports, including goods and services, stood at US$ 68.29 billion in June, showing a growth of 10.2 percent on an annual basis.

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Overall, merchandise exports rose 9.1 percent to US$38.13 billion, and services exports grew 11.7 percent to US$30.16 billion.

In May, exports of petroleum products, engineering goods, electronic goods, drugs and pharmaceuticals increased, while exports of spices, other cereals, gems and jewellery, oil meals, marine products witnessed a marginal decline.

On the import side, crude oil and products, transport equipment, electronic goods, vegetable oil and pulses rose, while coal coke, gold, crude and manufactured fertilisers, iron and steel, and chemical materials and products declined, according to the data.

The trade deficit, i.e. the difference between exports and imports, narrowed to $10.90 billion during the month, from $11.41 billion in the same period last year.

According to the data released today, the country's imports have also increased year-on-year in the month of May.

Overall imports of both goods and services increased from US$ 73.36 billion to US$ 79.20 billion, an increase of nearly 8 per cent.

Commerce Secretary Sunil Barthwal said, “If you look at our overall exports, it has seen double-digit growth for the first time in May, which is a big thing for us.”

India recorded record exports of USD 778 billion in the recently concluded financial year 2023-24. The country's combined exports of goods and services stood at USD 776.3 billion in 2022-23.

Overall, service exports rose to US$ 341.1 billion from US$ 325.3 billion in 2023-24. However, merchandise exports declined marginally to US$ 437.1 billion from US$ 451.1 billion.

Various steps taken by the government, including the introduction of the production-linked incentive (PLI) scheme in various sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, boost exports, integrate India into global supply chains and reduce dependence on imports, appear to have paid off.

China, Russia, Iraq, UAE and Singapore are among the countries to which India's exports grew significantly in the recently concluded fiscal year, although the growth came on a low base. The list of top 10 countries also includes the UK, Australia, Saudi Arabia, Netherlands and South Africa.

Talking about total imports, it declined from US$ 898.0 billion to US$ 853.8 billion in 2022-23. Both merchandise and service exports declined during the financial year.

The overall trade deficit will widen from US$121.6 billion in 2022-23 to US$75.6 billion in 2023-24.

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