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India’s overall exports (Merchandise and Services combined) in May are estimated to be $62.21 billion, exhibiting a positive growth of 24.03 percent over the same period last year.
Data released by the Commerce and Industry Ministry on June 15 showed that merchandise exports in May 2022 stood at $38.9 billion, 20.55 percent higher than the $32.3 billion worth of exports in May 2021 and $19.2 billion in May 2020.
Impressively,merchandise exports also rose by 23 percent from the $29.8 billion registered three years back or May 2019, before the pandemic struck.
Meanwhile, imports continued to rise at a fast clip. May 2022 saw imports rise to $63.2 billion, a 62 percent jump from May 2021. Mostly owing to burgeoning crude oil imports, India's overall import bill has risen by equally large margins over the past few months.
Merchandise exports grow
Cumulatively, merchandise exports stood at $78.72 billion in the first 2-months of FY23 (2022-23) as compared to the same period of FY22, witnessing a growth of 24.8 percent.
Exports had begun rising at the end of FY21 after the lockdowns and restrictions ended, and has risen every month since.
Official statistics show exports of engineering goods continued to dominate India's overall trade. Engineering exports touched $9.7 billion in May 2022, rising 12.65 percent year-on-year over May 2021. Engineering exports usually make up a quarter of the total annual export basket.
Processed petroleum was the second-largest export category, seeing the biggest growth in May as exports rose by 60 percent to $8.5 billion, owing to higher global crude oil prices. This was followed by $3.2 billion worth of gems and jewelry, which rose by 8.6 percent.
All other major export segments such as electronics, textiles, and pharma also saw major growth over the latest month. Exporters say there has been a continued revival not only in the order booking positions but also in the demand from across the globe.
The value of non-petroleum and non-gems and jewellery exports in May 2022 was $27.2 billion, registering an annual growth of 13.1 percent. India's imports have risen by equally large margins over the past few months.
Services trade
The estimated value of services export for May 2022 is $23.28 Billion, exhibiting a positive growth of 30.32 percent vis-a-vis May 2021 (USD 17.86 Billion).
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Data released by the Commerce and Industry Ministry on June 15 showed that merchandise exports in May 2022 stood at $38.9 billion, 20.55 percent higher than the $32.3 billion worth of exports in May 2021 and $19.2 billion in May 2020.
Impressively,merchandise exports also rose by 23 percent from the $29.8 billion registered three years back or May 2019, before the pandemic struck.
Meanwhile, imports continued to rise at a fast clip. May 2022 saw imports rise to $63.2 billion, a 62 percent jump from May 2021. Mostly owing to burgeoning crude oil imports, India's overall import bill has risen by equally large margins over the past few months.
Merchandise exports grow
Cumulatively, merchandise exports stood at $78.72 billion in the first 2-months of FY23 (2022-23) as compared to the same period of FY22, witnessing a growth of 24.8 percent.
Exports had begun rising at the end of FY21 after the lockdowns and restrictions ended, and has risen every month since.
Official statistics show exports of engineering goods continued to dominate India's overall trade. Engineering exports touched $9.7 billion in May 2022, rising 12.65 percent year-on-year over May 2021. Engineering exports usually make up a quarter of the total annual export basket.
Processed petroleum was the second-largest export category, seeing the biggest growth in May as exports rose by 60 percent to $8.5 billion, owing to higher global crude oil prices. This was followed by $3.2 billion worth of gems and jewelry, which rose by 8.6 percent.
All other major export segments such as electronics, textiles, and pharma also saw major growth over the latest month. Exporters say there has been a continued revival not only in the order booking positions but also in the demand from across the globe.
The value of non-petroleum and non-gems and jewellery exports in May 2022 was $27.2 billion, registering an annual growth of 13.1 percent. India's imports have risen by equally large margins over the past few months.
Services trade
The estimated value of services export for May 2022 is $23.28 Billion, exhibiting a positive growth of 30.32 percent vis-a-vis May 2021 (USD 17.86 Billion).
India's overall exports in May surged 24% to $62.21 billion
The estimated value of services export for May 2022 is $23.28 billion
