Exports grow by 8.32 per cent to USD 24 billion in May; trade deficit widens to USD 13.8 billion

India’s exports grew by 8.32 per cent to USD 24.01 billion in May, mainly on account of robust performance by sectors like petroleum, chemicals, engineering goods as well as gems and jewellery.

Imports too jumped 33.09 per cent to USD 37.85 billion last month from USD 28.44 billion in May 2016, according to the data released by the commerce ministry.

A huge jump in gold imports pushed up the trade deficit to USD 13.84 billion during the month under review from USD 6.27 billion a year ago.

The imports of the precious metal rose 3-fold to USD 4.95 billion in May compared to USD 1.47 billion in the same month last year.

Exports in April-May increased by 13.83 per cent to USD 48.64 billion. Imports during the period up by 40.63 per cent.

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