India Trade Data: There has been an increase in the trade deficit of the country in the month of May. The trade deficit in the month of May stood at $22.12 billion as compared to $15.24 billion in the month of April. After December 2022, there has been the highest trade deficit in May 2023. The trade deficit in December 2022 stood at $23.76 billion. Last year in May 2022, the trade deficit was $ 24.29 billion.
In May 2023, imports have declined by 6.6 percent to $ 57.1 billion. While exports declined by $ 10.3 billion to $ 34.98 billion. The total exports in the month of April stood at $34.66 billion. That is, there has been an increase in exports in the month of May as compared to April. Commerce Secretary Sunil Barthwal said on these figures that problems continue on the global trade front. He said that the Ministry of Commerce and DPIIT (DPIIT) is working on a strategy to increase exports and is specially focusing on 40 countries.
According to the data released by the Ministry of Commerce, if the exports of services are also added, then the total exports have been $ 60.29 billion in May 2023, which was $ 64.13 billion in May 2022 a year ago. Including services, imports in May 2023 have been $ 70.64 billion, which was $ 76.32 billion in May 2022, a year ago.
If you look at the data of export of services, the value of services export in May was $ 25.30 billion, which was $ 25.13 billion in May 2022. The import of services has been $ 13.53 billion in May 2023, which was $ 15.20 billion in May 2022. Combine Services and Goods The trade deficit has been $ 10.35 billion in May 2023, which was $ 12.20 billion a year ago.
According to statistics, there has been a jump of 73.96 percent in the export of electronic goods in the month of May and a total of $ 2.42 billion has been exported in this month. Which was $ 1.39 billion in May 2022.
read this also
