New Delhi: India's exports rose by 69.35 per cent to $32.27 billion in May on account of healthy growth in sectors such as engineering, petroleum products and gems and jewellery, even as trade deficit dropped to an eight-month low of $6.28 billion, according to government data released on Tuesday.
Exports stood at $19 billion in May last year and at $29.85 billion in May 2019, the data showed. Imports in May 2021 grew by 73.64 per cent to $38.55 billion, leaving a trade deficit of $6.28 billion for the month —the lowest in eight months. The deficit number lower than this was recorded at $2.91 billion in September 2020.
Imports in May 2020 were recorded at $22.2 billion and at $46.68 billion in the same month of 2019. Trade deficit in May 2020 was $3.15 billion.
Exports during April-May this year jumped to $62.89 billion from $29.41 billion in the same period of 2020.
Imports during April-May 2021 came in at $84.27 billion, an increase from $39.32 billion in the corresponding two months of 2020. The trade deficit during the period under review was $21.38 billion as against $9.91 billion in April-May 2019-20.
Oil imports during May 2021 rose to $9.45 billion from $3.49 billion in May 2020.
Gold imports increased to $679 million in May 2021 from $76.31 million in the same month a year ago.
Exports of engineering, petroleum products and gems and jewellery in May 2021 stood at $8.64 billion, $5.33 billion and $2.96 billion, respectively.
Items which have registered negative growth are fruits and vegetables, oil seeds, pharmaceuticals, tea and spices.