India's Trade Deficit Widens To $23.33 Billion In May Even As Exports Surge

India's trade deficit widened to $23.33 billion in May 2022 as imports grew faster than exports.

The trade deficit in May 2021 was $6.53 billion.

Merchandise exports rose by 15.46% to $37.29 billion in May on account of healthy performance by sectors like petroleum products, electronic goods and chemicals, according to the commerce ministry. Imports during the month grew by 56.14% to $60.62 billion.

"India's merchandise export in April-May 2022-2023 was $77.08 billion with an increase of 22.26% over $63.05 billion in April-May 2021-2022," it said.

Petroleum and crude oil imports surged by 91.6% to $18.14 billion.

Coal imports jumped to $5.33 billion, as against $2 billion in May 2021.

Gold imports increased to $5.82 billion from $677 million in May 2021.