India’s merchandise trade deficit widened to $14.82 billion, a four-month high, as imports surged by nearly 15% in May, government data showed on Friday. The shortfall was $13.72 billion in April 2018 and $13.84 billion in May 2017.
“Exports during May 2018 were valued at $28.86 billion as compared to $24.01 billion during May 2017 exhibiting a positive growth of 20.18%,” the government said. “Imports during May 2018 were valued at $43.48 billion which was 14.85% higher in dollar terms.”
Exports had grown at just 5.17% in April over the corresponding month in 2017.
Petroleum products showed the highest export growth rate of 104.47% in May, data released by the Ministry of Commerce and Industry showed. The export of organic and inorganic chemicals grew by 34.21%, of drugs and pharmaceuticals by 25.67%, of handloom products by 24.7% and engineering goods by 14.77%.
On the other hand, high import growth was seen in petroleum products (49.46%), machinery (30.86%), organic and inorganic chemicals (28.26%), and electronic goods (19.93%).