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Expansion
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 %) |
| Engineering | $9.71 billion | 12.65 |
| petroleum | $8.54 billion | 60.87 |
| gem jewelery | $3.22 billion | 8.67 |
| chemicals | $2.56 billion | 17.35 |
| medicine | $2.06 billion | 10.28 |
| stitched clothes | 1.41 billion dollars | 27.85 |
| electronic | $1.39 billion | 47.37 |
fall in
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 |
| Sleep | $6.02 billion | 789.20 |
| electronic | $5.68 billion | 34.20 |
| coal-coke | $5.5 billion | 172.10 |
| Vegetable oil | $1.70 billion | 18.80 |
| iron Steel | $1.60 billion | 35.50 |
| Lentils | $5.26 million | 42.24 |
| Silver | $446 million | 2,800 |
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.
