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Trade deficit reaches five-month high, exports slip 10 percent to below 35 billion dollar

Pankaj Prasad
Export Import
Export Import

The country's export figures have registered a decline for the fourth consecutive month.

The country's export figures have registered a decline for the fourth consecutive month. On an annual basis, it slipped 10.3 percent to $34.98 billion in May. During this period, the trade deficit has increased to a five-month high of $22.12 billion. According to the data released by the commerce ministry on Thursday, major export sectors that registered negative growth included petroleum products, gems and jewellery, engineering goods, readymade garments and chemicals.

The country's imports registered a decline for the sixth consecutive month

Imports also declined in May, registering a decline for the sixth month in a row. The country's imports declined by 6.6% to $57.1 billion in May. Last year in this month it was $61.13 billion. Explain that the country's trade deficit in May 2022 was $ 22.13 billion. At the same time, in December 2022, it reached its highest level of $ 23.89 billion. During April-May in the current financial year, the country's exports declined by 11.41 percent and reached $69.72 billion. At the same time, the country's imports have decreased by 10.24 percent to $ 107 billion.

Commerce Secretary said - Challenges continue on the front of global trade

Briefing reporters about the data, Commerce Secretary Sunil Barthwal said challenges on the global trade front continue as there is a significant slowdown and slowdown in many countries. He said that the decline in economic growth in some developed markets has affected import demand and demand is also low in OECD countries.

Focus on 40 countries to boost exports

However, he expressed hope that demand would pick up in developed countries. "We are expecting that the slowdown should improve and demand should pick up," Barthwal said. He also informed that the ministry is working on a business strategy to boost exports. Under this, the Department of Commerce, Department for Promotion of Industry and Internal Trade (DPIIT), Invest India and Indian missions abroad will focus on 40 countries. These countries, including the US and European Union countries, account for 85 per cent of India's total exports.