Exports grew by 8.32 per cent to $24.01 billion from $22.17 billion worth of merchandise shipped out during May 2016, according to the data released by the Ministry of Commerce and Industry.
“Exports have been exhibiting positive growth for the last eight months. In continuation with growth indicated by exports since September 2016, exports during May 2017 have shown growth of 8.32 per cent in dollar terms,” the ministry said in a statement.
“Non-petroleum and non-gems and jewellery exports in May 2017 were valued at $17,514.36 million against $16,404.31 million in May 2016, an increase of 6.77 per cent.”
However, the country’s imports during the month under review also increased by 33.09 per cent to $37.85 billion. India’s oil imports during last month increased by 29.54 per cent to $7.69 billion.
“The global Brent prices ($/bbl) have increased by 7.94 per cent in May 2017 vis-à-vis May 2016 as per World Bank commodity price data,” the statement said.
The data revealed that non-oil imports were up by 34.03 per cent, to $30.16 billion from $22.50 billion in the corresponding month of last year.
Consequently, the trade deficit during the month under review rose higher by 120.73 per cent to $13.84 billion from $6.27 billion reported for May 2016.
Further, the ministry disclosed the services exports data provided by the Reserve Bank of India (RBI) for April 2017 was estimated at $5.68 billion.
The ministry said that cumulative trade balance, including merchandise and services sectors, has improved.
“Taking merchandise and services together, overall trade deficit for April-May 2017-18 is estimated at $21,408.91 million as compared with $5,392.77 million during April-May 2016-17,” the statement added.