Exports zoom 69% to $32.27 bn in May; trade deficit rises to $6.3 bn

Merchandise exports grew 69.35 per cent year-on-year in May to $32.27 billion on account of low-base effect as well as rising demand from external markets.

On a sequential basis, they grew 5.35 per cent and 8.1 per cent as compared to May 2019. The growth has been driven by demand for items such as petroleum goods, engineering goods and gems and jewellery.

India’s merchandise imports declined in May to $38.55 billion, as compared to April, owing to the state-wise lockdowns that hurt domestic consumption. However, it grew 73.64 per cent on year due to a weak base caused by last year’s nationwide