Key facts
- India's merchandise exports reached a record $45.2 billion in May, up 18% year-on-year.
- Exports to the US were flat at $8.81 billion, while imports from the US increased 54.43% to $5.87 billion.
- The trade deficit with China was $10.8 billion in May, with exports up 24.8% and imports up 23.4%.
- Imports from Brazil saw a significant surge of 358.83% to $1.35 billion in May.
India's merchandise exports achieved a record high of $45.2 billion in May, marking an 18% increase compared to the previous year. Despite this export growth, the country's overall trade deficit widened significantly. Exports to the United States remained stagnant at $8.81 billion, while imports from the US saw a substantial rise of 54.43%, reaching $5.87 billion.
In trade with China, India's exports surged by 24.8% to $2 billion in May, while imports from China increased by 23.4% to $12.8 billion, resulting in a trade deficit of $10.8 billion for India.
During the April-May period, India's merchandise exports grew by a modest 0.5% to $17.3 billion, with imports climbing 19.43% to $11.14 billion. In the same period, exports to China rose 25.85% to $3.8 billion, and imports from China jumped 22.15% to $24.7 billion.
India experienced positive export growth to several key markets including Singapore, the UK, Germany, Australia, and Vietnam in May. Conversely, exports to the Netherlands, Bangladesh, and Nepal declined. Imports increased from various countries such as Russia, Korea, Japan, Thailand, Malaysia, and Brazil, with imports from Brazil showing a remarkable 358.83% increase to $1.35 billion.