According to Commerce Ministry data, India’s exports grew by 3.93 per cent in May 2019 to $ 30 billion on the back of healthy growth in electronics and chemicals shipments even as the trade deficit widened to a six-month high.
Imports too increased, by 4.31 per cent, to $ 45.35 billion as crude oil and gold shipments shot up during the month. The trade deficit, the difference between imports and exports, aggregated at $ 15.36 billion, the widest since November 2018 when it stood at $ 16.67 billion, said a report.
Sectors that recorded healthy export growth included electronics (51 per cent), engineering (4.4 per cent), chemicals (20.64 per cent), pharma (11 per cent) and tea (24.3 per cent). However, certain key sectors, among them being petroleum products, man-made yarn/fabrics, gems and jewellery, marine products, coffee and rice, recorded negative growth in May, according to the data.
Oil imports grew by 8.23 per cent to $ 12.44 billion and non-oil imports rose by 2.9 per cent. Gold imports jumped 37.43 per cent to $ 4.78 billion in May.
Cumulatively, exports in April-May 2019-20 rose 2.37 per cent to $ 56 billion. Imports grew by 4.39 per cent to $ 86.75 billion, resulting in a trade deficit of $ 30.69 billion, the report said.
