India’s goods exports in May 2021 posted an increase of 67.39 per cent to $32.21 billion compared to the same month last year led by sectors such as gems & jewellery, petroleum products and handicrafts.

Exports in May 2021 were also higher than exports of $30.63 billion in April 2021.

Goods imports in May 2021 increased 68.54 per cent to $38.53 billion over May 2020 led by petroleum products and electronic goods, per early estimates of trade data released by the Commerce & Industry Ministry on Wednesday.

Imports during the month were, however, lower compared to imports worth $45.72 billion in April 2021.

India was a net importer in May 2021 with a trade deficit of $6.32 billion, increase of 74.69 per cent, over a trade deficit $3.62 billion in May 2020.

However, the trade deficit in May 2021 is at an eight month low and less than half of the trade deficit of $15.1 billion in April 2021, Aditi Nayar, Chief Economist, ICRA, pointed out.

"A predominant 63 per cent of the decline in the trade deficit in May 2021 relative to April 2021 was on account of the collapse in gold imports, with the balance led by a narrower oil deficit, led both by higher exports and lower imports," she said.

The value of non-petroleum and non-gems and jewellery exports in May 2021 were $23.97 billion, a growth of 45.96 per cent over May 2020.

Non-oil, non-gems & jewellery imports was $26.14 billion in May 2021, a growth of 41.32 per cent over May 2020.

India’s goods exports in Apr-May 2021 increased 112.29 per cent to $62.84 billion compared to the same period last year.

Goods imports in April-May 2021 were $84.25 billion, an increase of 110.73 per cent over the first two months of last fiscal.

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