India’s total exports witnessed robust growth in May 2024, according to the latest data released by the government.
The country’s combined merchandise and services exports were estimated at USD 68.29 billion, registering a positive growth of 10.25 per cent compared to May 2023.
Merchandise exports grew by 9.10 per cent to USD 38.13 billion in May 2024, up from USD 34.95 billion in May 2023. Services exports also showed significant improvement, estimated at USD 30.16 billion in May 2024, compared to USD 26.99 billion in May 2023.
The cumulative value of exports during April-May 2024 stood at USD 73.12 billion, a 5.10 per cent increase from the same period last year.
Major drivers of merchandise export growth included petroleum products, engineering goods, electronic goods, drugs and pharmaceuticals, and textiles.
Additionally, non-petroleum and non-gems & jewellery exports increased by 8.83 per cent to USD 28.60 billion in May 2024.
Despite the growth in exports, India’s trade deficit remained a concern. Total imports for May 2024 were estimated at USD 79.20 billion, resulting in a trade deficit of USD 10.90 billion.
The data indicates that India’s export sector is showing resilience and diversification, with growth across multiple sectors.
This positive trend is expected to contribute to the country’s economic recovery and growth in the coming months.