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India's exports increased by 9% to $ 38.13 billion, trade deficit at a 7-month high
Export: India's exports have increased by 9 percent to $ 38.13 billion in 2024. This increase has happened when uncertainty remains in many areas of the world. However, the trade deficit has also reached the highest level of 23.78 in the last 7 months.
Despite global uncertainties, exports of goods from India increased by 9 percent year-on-year to $ 38.13 billion in May 2024. Goods worth $ 34.95 billion were exported from the country in the same period a year ago. The trade deficit also increased last month to a seven-month high of $ 23.78 billion. Earlier, the highest trade deficit of $ 31.46 billion was in October 2023.
According to the data released by the Ministry of Commerce on Friday, due to increased purchases of crude oil, imports also increased by 7.7 percent to $ 61.91 billion in May. Imports worth $57.48 billion were made in May 2023. The ministry said that exports have increased due to better performance of sectors like engineering, electronics, medicine, textiles, and plastic. Earlier, in April 2024, the country's exports had declined to $41.68 billion. In the first two months of the current financial year i.e. April-May, exports grew by 5.1% to $73.12 billion. Imports also increased by 8.89% to $116 billion.
Exports of diamonds and jewellery fell 4.97% to Rs 20,713.37 crore in May. According to data from the Gem and Jewellery Export Promotion Council (GJEPC), gold jewellery exports increased 13.1% to Rs 5,507.71 crore. Exports of silver jewellery also increased to Rs 1,103.72 crore. However, gross exports of cut and polished diamonds fell from Rs 14,190.28 crore to Rs 12,270.54 crore.
