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Thursday, April 18 2024
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India’s export, import fell in May, trade deficit at 5-month high

Indias export import fell in May trade deficit at 5month high
Photo Credit : IANS

New Delhi: India’s exports fell 10.3 per cent year-on-year basis to $34.98 billion in May this year, according to commerce ministry data released on Thursday.

Imports also slid 6.6 per cent to $57.1 billion against $61.13 billion during the corresponding period of last year.

As a result, the trade deficit rose to a five-month high of $22.1 billion.

India has been consistently witnessing trade deficit for many years now.

It occurs mainly due to high demand for crude oil, gold and electronic goods, which form a main chunk of India’s import basket.

Also the country’s domestic manufacturing sector has failed to compete globally, which has led to a growing dependence on imported goods.

Commerce secretary Sunil Barthwal said that headwinds still continue on the global trade front.

He further informed that an exports strategy focussing on 40 countries is being worked upon by both the departments of commerce and promotion for industry and internal trade.

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