hear the news
The country’s exports grew by 20.55 per cent to $38.94 billion in May 2022, driven by a stellar performance by petroleum products and engineering goods. During this period, imports increased by 62.83 percent to $ 63.22 billion. The increase in imports also increased the trade deficit by 3.71 times on a year-on-year basis to a record $24.29 billion. In May 2021, there was a trade deficit of $ 6.53 billion.
According to government data released on Wednesday, exports grew by nearly 25 per cent to $78.72 billion in the first two months of the current fiscal, ie April-May. A total of $123.41 billion was imported during this period, which is 45.22 percent more than the same period of 2021-22. The trade deficit also widened to $44.69 billion from $21.82 billion. At the same time, imports of services stood at $14.43 billion in May, a 45% increase from $9.95 billion in May last year. agency
Increase in the export of these goods
|the product||May 2022||Bullish (in %)|
|gem jewelery||$3.22 billion||8.67|
|stitched clothes||1.41 billion dollars||27.85|
Commodities whose exports declined include cereals, meat, dairy products, poultry products, iron ore, cashew, handicrafts, plastics, carpets, spices.
Crude and gold imports increased
|the product||May 2022||Growth (in %)|
|crude oil||$19.2 billion||102.72|
|Vegetable oil||$1.70 billion||18.80|
|iron Steel||$1.60 billion||35.50|
Petrol sales up 54%, diesel up 48%
Petrol sales across the country grew by 54.2 per cent year-on-year to 1.28 million tonnes in the first fortnight of June, ie between June 1 and 14, due to an improvement in demand. The outbreak of the second wave of the pandemic in India, the world’s third-most consumer in the same period of 2021, had resulted in a decline in fuel demand.
- During this period, the sales of diesel stood at 34 lakh tonnes with a growth of 47.8 per cent. This is 20.3 per cent higher than the pre-pandemic level and 12 per cent higher on a monthly basis.
- LPG sales increased by 4.21 per cent to 10.6 million tonnes in the first fortnight of June. This is 20.3% higher than in 2020 and 28.1% higher than June 2019.
- Aircraft fuel sales more than doubled to 2,42,900 tonnes. This is an increase of 125.1 per cent over June 2020.