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Mumbai3 hours ago
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India has increased exports during May. According to government data released on Wednesday, the country’s exports have increased by 67.39% to $ 32.21 billion. Because good growth was registered in engineering, pharmaceuticals, petroleum products and chemical sectors.
Import figures also improved
According to the data released by the commerce ministry, the export figure in May last year was $ 19.24 billion. In May of 2019, it was $ 29.85 billion. Along with exports, the number of imports has also improved. In May, the country’s imports grew 68.54% to $ 38.53 billion. It stood at $22.86 billion in May 2020. It was $46.68 billion in May 2019.
Trade deficit widens in May
Looking at the import and export data in May, it is clear that India remained a net importer during this period. The trade deficit stood at $6.32 billion, up from $3.62 billion in May last year. That is, an increase of 74.69% has been registered in the trade deficit. India’s trade deficit stood at $16.84 billion in May 2019.
Oil imports increase due to light concessions in lockdown
Crude oil imports rose to $9.45 billion in May from $3.57 billion a year ago. In May 2019, it was worth $ 12.59 billion. Exports during April-May increased to $62.84 billion from $29.6 billion in the same period last year. At the same time, during April-May in 2019, the export figure was $ 55.88 billion.
Imports worth $ 84 billion during April-May
The import figure during April-May stood at $84.25 billion, as against $39.98 billion in the same period of 2020. In 2019 it was $ 89.07 billion. Oil imports during the same period increased to $ 20.32 billion from $ 8.24 billion last year. In 2019, this figure stood at $ 24.16 billion.