India’s Merchandise Exports Soar by 9% in May 2024
In a positive sign for the Indian economy, merchandise exports in May 2024 saw a significant increase of 9% compared to the same month last year, reaching $38.13 billion. On the other hand, imports also saw a rise of 7.7% to $61.91 billion, leading to a trade deficit of $23.78 billion.
Commerce Secretary Sunil Barthwal expressed optimism about the export trend, stating that May was an excellent month for exports, and he hopes this trend will continue in the coming months. This follows a 1% increase in outbound shipments in April 2024, showing a positive trajectory for India’s trade sector.
Overall, exports for April-May of the fiscal year 2024-25 have grown by 5.1% to $73.12 billion, while imports have seen an increase of 8.89% to $116 billion. These figures indicate a promising start for India’s trade performance in the current fiscal year.
Published on: 14 June 2024, 09:49 IST
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