Exports up 15.46% in May; trade deficit widens to a record $23.3 billion

India's merchandise exports grew 15.46 per cent YoY to $37.29 billion in May

India’s trade deficit widened to a record $23.33 billion in May as imports grew at a faster pace compared to exports amid high commodity prices owing to the Russia-Ukraine conflict, the preliminary data released by the commerce and industry ministry showed on Thursday.

The previous highest monthly trade deficit was $22.91 billion in November 2021. The deficit stood at $6.28 billion in May last year.

Imports surged 56.14 per cent to $60.62 billion in May on the back of a sharp jump in petroleum products amid rising global crude oil prices. The share of petroleum products in India’s total imports