Informist, Friday, Jun 14, 2024

--India May gold imports $3.33 bln vs $3.69 bln yr ago
--India May exports $38.13 bln vs $34.95 bln yr ago
--India May trade deficit $23.78 bln vs $22.53 bln year ago
--India May imports $61.91 bln vs $57.48 bln yr ago
--India May exports up $38.13 bln vs $34.95 bln yr ago
--India May exports up 9.1%
--India Apr-May exports $73.12 bln vs $69.57 bln yr ago
--India Apr-May imports $116.01 bln vs $106.54 bln yr ago

--India Apr-May trade deficit $42.89 bln vs $36.97 bln year ago

--India May gold imports $3.33 bln vs $3.69 bln yr ago

--Trade secy: May oil imports $19.95 bln

NEW DELHI – India's merchandise trade deficit widened to a seven-month high of $23.78 bln in May as imports rose to a seven-month high of $61.91 bln, data released by the commerce ministry today showed. The trade deficit was $19.10 bln in April and $22.53 bln a year ago.

Goods exports rose 9.1% from a year ago to $38.13 bln in May, while imports increased 7.7%. In April, exports and imports were at $34.99 bln and $54.09 bln, respectively.

Exports rose 5.1% on year to $73.12 bln in Apr-May, while imports increased 8.9% to $116.01 bln. The trade deficit in Apr-May rose 16.0% on year to $42.88 bln.

The government is not too concerned about a high trade deficit as long as there is a smooth inflow of foreign direct investment and services exports are growing, Commerce Secretary Sunil Barthwal said, releasing the data. The commerce ministry has estimated India's services exports to have grown 14.6% on year to $60.49 bln in Apr-May.

India's oil imports in May rose 28.1% on year to $19.95 bln. India imported electronic goods worth $7.15 bln in May, up 6.7% on-year. Gold imports, on the other hand, fell 9.8% on year to $3.33 bln.

On Tuesday, the government imposed restrictions on the import of gold jewellery amid a sharp rise in its imports. Gold jewellery imports surged 2,911% in 2023-24 and 3,578% in April. This was a corrective measure after the department found that traders were importing gold at nil duty from Southeast Asian nations under the free trade agreement, Director General of Foreign Trade Santosh Sarangi said today. The government levies an import duty of 15% on gold.

India's non-oil imports in May were marginally higher at $41.97 bln from $41.91 bln a year ago. The import of pulses jumped nearly three-fold in May to $370.91 mln, while vegetable oil imports grew 27.5% to $1.45 bln.

Petroleum product exports rose 15.8% on year to $6.78 bln in May, electronic goods increased 23.0% to $2.97 bln. India exported gems and jewellery worth $2.76 bln in May, down 2.2% on year.

The following tables detail trade data for May and Apr-May, in bln dollars, and the percentage changes:

Source: Ministry of Commerce and Industry

*Figures for April were released in May and are subject to revision

Source: Ministry of Commerce and Industry

End

US$1 = 83.55 rupees

Reported by Krity Ambey

Edited by Saji George Titus

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