India’s overall exports stood at USD 60.29 Bn in May 2023

New Delhi, June 16 (KNN) India’s overall exports in May 2023 stood at USD 60.29 Billion, marking a decline of 5.99 per cent compared to May 2022. 

The Overall imports in May 2023 is estimated to be USD 70.64 Billion, exhibiting a negative growth of 7.45 per cent over May 2022. 

Among the key sectors, 13 out of 30 exhibited positive growth in merchandise exports during May 2023 compared to the same period last year. 

These sectors include electronic goods, other cereals, oil meals, spices, iron ore, oil seeds, fruits & vegetables, ceramic products & glassware, rice, tea, cashew, coffee, and drugs & pharmaceuticals.

The Electronic Goods export witnesses significant increase by 73.96 per cent in May 2023 as well as cumulatively in April-May 2023 by 48.06 per cent over corresponding period last year.

While the Agricultural exports also register robust growth; Spices grew by 31.81 per cent in April-May 2023 over April-May 2022.

Rice exports witnessed a growth of 19 per cent in April-May 2023 over April-May 2022, In May this year, Oil Meals exports also grew by 74.33 per cent.

Ceramic products & glassware showed an impressive growth with 17.36 per cent in May 2023 and cumulatively by 17.29 per cent in April-May 2023 over the corresponding period last year.

According to the Ministry of Commerce and Industry, the Trade balance improved considerably in April-May 2023.

The Overall trade deficit for April-May 2023 estimated at USD 13.28 Billion as compared to the deficit of USD 20.56 Billion during April-May 2022, registering a decline of 35.41  per cent.

Out of the 16 out of 30 key sectors exhibited negative growth in merchandise imports during May 2023. 

These sectors include silver, sulphur & unroasted iron pyrites, cotton raw & waste, gold, vegetable oil, pearls, precious & semi-precious stones, organic & inorganic chemicals, coal, coke & briquettes, transport equipment etc.  (KNN Bureau)