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Exports up 15.46% to $37.3 bn in May; trade deficit widens to $23.33 bn


In April-May 2022-23, India's merchandise exports totaled USD 77.08 billion, up 22.26 percent from USD 63.05 billion in April-May 2021-22 ".

Imports of petroleum and crude oil increased by 91.6 percent to USD 18.14 billion in May 2022. Imports of coal, coke, and briquettes increased to USD 5.33 billion in May 2021, up from USD 2 billion in May 2021. Gold imports surged to USD 5.82 billion in May 2021, up from USD 677 million the previous month.

In May 2021, the trade deficit was USD 6.53 billion."

"India's merchandise exports in April-May 2022-23 were USD 77.08 billion, up 22.26 percent from USD 63.05 billion in April-May 2021-22," according to the report.

Imports of petroleum and crude oil increased by 91.6 per cent to USD 1814 billion in May 2022, widening the trade deficit to USD 43.73 billion from USD 21.82 billion in the first two months of this fiscal year.

Exports of engineering items jumped by 7.84 percent to USD 9.3 billion in May, while exports of petroleum products increased by 52.71 percent to USD 8.11 billion. 

Exports of gems and jewelry totaled $1.2 billion. In May, USD 3.1 billion was traded against USD 2.96 billion in the previous month.

India's merchandise exports increased by a third. In USD 37.29 billion, a 15.46 percent increase was recorded.

May is a good month for health. performance of industries like electrical items, petroleum products, and chemicals, even though the trade. The deficit has grown to USD 23.33 billion.

During the month, business was brisk. On Thursday, the government announced. Imports increased for the month too. USD 60.62 billion, up 56.14 percent.

Imports of coal, coke, and briquettes increased to USD 5.33 billion in May 2021, up from USD 2 billion in May 2021.

Gold imports surged to USD 5.82 billion in May 2021, up from USD 677 million the previous month.

Imports totaled USD 120.81 billion in April-May 2022-23, up 42.35 percent.

Chemical exports increased by 12% to USD 2.5 billion in May.

Shipments of pharma ready-made garments of all textiles increased by 5.78 percent and 23 percent, respectively, to USD 1.98 billion and USD 136 billion in the month under review.

Some important points to understand here:

What Is a Trade Deficit and How Does It Affect You?

A trade deficit is created when the value of a country's imports exceeds its exports. Imports and exports refer to both physical goods and services. Simply put, a trade imbalance occurs when a country purchases more products and services than it sells. Due to an oversimplification, this would generally harm job creation and economic growth in the deficit-ridden country.

This perspective on trade deficits is at the root of many of the political complaints about bilateral trade deficits in the United States, particularly with China, with which the US has by far the greatest bilateral trade deficit. Former President Donald Trump's campaign theme in 2016 was the deficit, and it was one of the main reasons he initiated a trade war with China after entering office. Trump said that reducing the trade imbalance would boost the economy and create employment in the United States.

Trade Deficits: A Complicated View

However, for many economists, a trade deficit refers to a mismatch between a country's savings and investment rates. It means a country spends more money on imports than it earns in exports, and it must make up the difference under the principles of economic accounting. For example, the United States can do so by borrowing money from overseas lenders or allowing foreign investment in US assets. 

If the borrowed money or foreign investment is wisely employed, such as investment in productivity growth, this foreign lending and investment can be considered a vote of confidence in the US economy and a source of long-term economic progress. This was the situation in the United States of America.

For several decades in the 1800s, this was the case with the United States. 4 The funds were invested in railroads and other public infrastructure, which aided the United States' economic development.

  • Seair Exim
  • 13-Jun-2022

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