New Delhi: India’s merchandise export rose by 15.46% to USD 37.3 billion in May 2022 as compared to $32.30 billion in the same month last year, the government data showed on Thursday. India’s merchandise imports in May 2022 surged by 56.14% to $60.62 billion as compared to $38.83 billion in May 2021. The trade deficit in May 2022 surged to $23.33 billion.
India’s merchandise export in April-May 2022-23 rose to USD 77.08 billion, posting an increase of 22.26% over $63.05 billion in the corresponding period of the previous year, according to data released by the Ministry of Commerce and Industry. India’s merchandise imports in April-May 2022-23 stood at $120.81 billion with an increase of 42.35% over $84.87 billion in April -May 2021-22.
The value of non-petroleum exports in May 2022 was $29.18 billion, registering a positive growth of 8.13% over non-petroleum exports of $26.99 billion in May 2021. The cumulative value of non-petroleum exports in April-May 2022-23 was $61.09 billion, an increase of 12.9% over $54.11 billion in April-May 2021-22.
The value of non-petroleum and non-gems and jewelry exports in May 2022 was $26.08 billion, registering a positive growth of 8.57% over non-petroleum and non-gems and jewelry exports of $24.02 billion in May 2021. The cumulative value of non-petroleum and non-gems and jewelry exports in April-May 2022-23 was $54.52 billion, an increase of 14.15% over the cumulative value of non-petroleum and non-gems and jewelry exports of $47.76 billion in April -May 2021-22.
Despite global headwinds, Indian engineering exports stood at $9.29 billion in May 2022 as against $8.62 billion in the same month last year recording a growth of 7.84%. In the first two months of the current fiscal, the engineering exports were $18.97 billion, up 14.34% over $16.59 billion in the same period the previous year showing that the sector is standing on firm footing and can withstand the challenges, EEPC India Chairman Mahesh Desai said.
‘The recent reduction in excise duty on auto fuels is a much-needed relief. The custom duty calibration on raw materials of steel and measures to boost local availability of the key input to calm down steel prices show the government would respond as and when the situation warrants so’, Desai added. He further said that in the short and medium-term there are fears of demand slowdown in advanced economies which could potentially dent the ongoing momentum.
The value of non-petroleum imports was $42.48 billion in May 2022 with a positive growth of 44.7% over non-petroleum imports of $29.36 billion in May 2021. The cumulative value of non-petroleum imports in April -May 2022-23 was $82.55 billion, showing an increase of 27.72% compared to non-oil imports of $64.63 billion in April-May 2021-22.
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