Mumbai: Exports from India reported 9 per cent year-on-year jump in May. India’s goods exports in May jumped 9.10 per cent to $38.13 billion in May from $34.96 billion the year-ago month. The growth was led by electronics, petroleum, and engineering goods.
Meanwhile, imports rose at 7.6 per cent to $61.91 billion from $57.49 billion in May 2023. India’s trade deficit swelled to a seven-month high of $24 billion due to higher oil imports.
Services exports rose to $30.16 billion in May from $26.99 billion in the corresponding month of last year, logging a 11 per cent increase. Services imports rose 8.81 per cent year-on-year to $17.28 billion. In May 2023, services imports were at $15.88 billion.
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Exports to the US rose by over 13 per cent from year-ago levels to $7.42 billion in May. Outbound shipments to the United Arab Emirates (UAE) jumped nearly 19 per cent year-on-year to $3.06 billion. Shipments to the Netherlands, jumped 44 per cent over May 2023 to $2.19 billion.
However, India’s exports to Australia in May slipped by 3.52 per cent to $519 million compared to $538 million. India’s imports from the UAE jumped by a sharp 50 per cent to $5.2 billion.
In May, India’s exports continued to surge in the electronic and engineering exports category. Electronic goods exports jumped 22 per cent year-on-year, engineering exports rose 7.39 per cent. Exports of the labour-intensive readymade garments (RMG) of all textiles were 9.84 per cent higher in May.
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