In May this year, the country’s trade deficit increased by 74.69 percent to $ 6.32 billion as compared to May 2020. The trade deficit in May last year was $3.62 billion. The ministry has said that there has been a decline of 62.49 percent in comparison to May 2019, when it was $ 16.84 billion. According to the data released by the government, India’s exports increased by 67.39 percent to $ 32.21 million in May.
According to preliminary data from the commerce ministry, in May last year, exports stood at $ 19.24 billion and in May 2019 it was $ 29.85 billion. At the same time, imports increased by 68.54 percent to $ 38.53 billion in May, from $ 22.86 billion in May. In May 2019, the country’s imports stood at $46.68 billion.
It is to be noted in this that such a big difference in these figures has been shown because in 2020 there was a huge decline in imports and exports due to the lockdown. Its real picture comes out when compared with the figures of the financial year 2019-20.
In April, the country’s merchandise exports nearly tripled to reach $30.63 billion. At that time the trade deficit had increased to $ 15.1 billion.
Oil imports increased to $ 9.45 billion in May this year from $3.57 billion in May 2020. In May 2019, it stood at $12.59 billion. During April-May this year, exports jumped to $62.84 billion, from $29.6 billion in the same period last year. It appears in the data that it was $ 55.88 billion in April-May 2019.
