Exports Jump to $32.21B in May on Engineering, Pharma Boost

India’s exports grew by 67.39 per cent to $32.21 billion in May, driven by healthy growth in sectors such as engineering, pharmaceuticals, petroleum products and chemicals, according government data released on Wednesday.

Exports in May 2020 stood at $19.24 billion and in May 2019 it was at $29.85 billion, the commerce ministry’s preliminary data showed.

Imports in May this year rose by 68.54 per cent to $38.53 billion, from $22.86 billion in May 2020. In May 2019, imports stood at $46.68 billion. “India is thus a net importer in May 2021 with a trade deficit of $6.32 billion, an increase of 74.69 per cent over a trade deficit of $3.62 billion in May 2020 and reduction by 62.49 per cent over a trade deficit $16.84 billion in May 2019,” the ministry said.

Oil imports during the month under review rose to $9.45 billion, as compared to $3.57 billion in May 2020. In May 2019, it stood at $12.59 billion.

Exports during April-May this year jumped to $62.84 billion, as against $29.6 billion in the same period last year. It was $55.88 billion in April-May 2019, the data showed.

Imports during April-May 2021 was $84.25 billion, an increase from $39.98 billion in the same period last year. In the corresponding period of 2019, it stood at $89.07 billion.

In April-May 2021, oil imports aggregated at $20.32 billion from $8.24 billion in the previous corresponding period and $24.16 billion the year before.