Imports also grew well in May 2021 and it increased by 68.54 percent to $ 38.53 billion.
Exports of 32.21 billion US dollars.
According to the government data released on Wednesday, India’s exports grew by 67.39 per cent to USD 32.21 billion in May. According to preliminary data of the Ministry of Commerce, during this period, exports of engineering, petroleum products and gems and jewelery saw a particularly strong growth. However, the trade deficit increased to $ 6.32 billion during this period. Exports stood at US$ 19.24 billion in May 2020 and US$ 29.85 billion in May 2019.
According to the statement, there was a good growth in imports in May 2021 and it increased by 68.54 percent to $ 38.53 billion, which was $ 22.86 billion in May 2020 and $ 46.68 billion in May 2019. The ministry said, “India has thus been a net importer with a trade deficit of US$ 6.32 billion in May 2021. The trade deficit in May 2020 was $3.62 billion. The trade deficit increased by 74.69 percent as compared to May 2020. At the same time, it has declined by 62.49 percent as compared to the trade deficit of $ 16.84 billion in May 2019.
Oil imports stood at $ 9.45 billion in May
Oil imports rose to US$ 9.45 billion in the month under review, as against US$ 3.57 billion in May 2020. In May 2019, petroleum products worth $ 12.59 billion were imported. Exports during the two months of April-May this year increased to $62.84 billion, from $29.6 billion in the same period last year and $55.88 billion in April-May 2019. Imports during April-May 2021 stood at US$ 84.25 billion as against $39.98 billion in April-May 2020 and $89.07 billion in April-May 2019.
India is becoming self-reliant in iron, steel
Commenting on the foreign trade data, Mohit Singla, Founder President, Trade Promotion Council of India (TPCI) said that the decline in imports of newsprint, transport equipment and iron and steel is a welcome step towards self-reliance and shows that The strategy of the government in this direction has been effective.
Exports expected to pick up
The Engineering Export Promotion Council (EEPC) said this month last year due to the strict lockdown, the base effect for May 2021 has seen a year-on-year increase due to lowering. The council hoped that the order book of exporters would remain strong in the financial year due to strong demand in key markets like US, China and Europe.
Also read, Share of PNB Housing jumped almost 60% in 3 days, know what is its connection with Aditya Puri
Also read, Infosys stock was hit by the action of SEBI, know how much fell