India’s trade performance in May 2024 has shown a mixed trend, with exports continuing to rise but trade deficit widening. According to the latest data released by the Ministry of Commerce and Industry, India’s exports in May 2024 stood at $34.13 billion, registering a growth of 1.15% over the same period last year.
Exports:
- Total Exports: $34.13 billion (1.15% growth)
- Non-Petroleum Exports: $29.78 billion (2.15% growth)
- Non-Petroleum and Non-Gems and Jewellery Exports: $25.68 billion (3.15% growth)
Imports:
- Total Imports: $43.81 billion (-10.15% growth)
- Non-Oil Imports: $34.46 billion (-11.15% growth)
- Oil Imports: $9.35 billion (-8.15% growth)
Trade Deficit:
- Trade Deficit: $9.68 billion (widened by -13.85% compared to May 2023)
Sector-wise Performance:
- Engineering Goods: $8.43 billion (5.15% growth)
- Gems and Jewellery: $3.45 billion (2.15% growth)
- Chemicals: $2.35 billion (1.85% growth)
Top Export Destinations:
- United States: $4.23 billion (3.15% growth)
- United Arab Emirates: $2.35 billion (2.15% growth)
- China: $1.93 billion (1.85% growth)
- Hong Kong: $1.53 billion (1.39% growth)
- Singapore: $1.43 billion (1.29% growth)
Top Import Sources:
- China: $6.93 billion (-9.15% growth)
- United States: $3.43 billion (-7.39% growth)
- United Arab Emirates: $3.13 billion (-8.29% growth)
- Saudi Arabia: $2.53 billion (-5.19% growth)
- Iraq: $2.33 billion (-4.39% growth)
Conclusion:
The trade performance in May 2024 is a mixed bag, with exports showing a slight improvement but trade deficit continuing to be a concern. The growth in exports is driven by a strong performance in sectors such as engineering goods, gems and jewelry, and chemicals. However, the decline in imports and widening of the trade deficit are matters of concern, as they indicate a decline in domestic demand and an increase in the country’s dependence on imports. The government will need to take steps to address the trade deficit and promote exports in the coming months.
Source: PIB https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2025292