India's exports rise by nearly 70 pct during May
India's exports in May stood at 32.27 billion U.S. dollars, up 69.35 percent compared to the same month last year, according to the foreign trade data released by the Ministry of Commerce and Industry, Trend reports citing Xinhua.
Among the commodities or commodity groups that recorded positive growth in May compared to last year are other cereals (847.41 percent), jute manufacturing including floor covering (256.29 percent), petroleum products (227.25 percent), handicrafts excluding handmade carpet (192.9 percent), gems & jewellery (179.13 percent), leather & leather products (155.08 percent), meat, dairy and poultry products (146.45 percent), besides others.
Imports in May stood at 38.55 billion U.S. dollars, compared to 22.20 billion U.S. dollars in May last year.
Major commodity groups of import showing negative growth in May over the corresponding month of last year included silver (-95.31 percent), newsprint (-48.53 percent), pulses (-42.9 percent), iron and steel (-3.03 percent), among others.
Oil imports in May were 9.45 billion U.S. dollars, up 171.10 percent compared to the same period of last year.
The overall trade deficit for May was estimated at 6.28 billion U.S. dollars as against the deficit of 3.15 billion U.S. dollars in May 2020, which is an increase of 99.61 percent, revealed the foreign trade figures.
Commenting on the foreign trade figures, president of the Federation of Indian Export Organisations (FIEO) Sharad Kumar Saraf said, "The continuing impressive growth in exports by about 70 percent reiterates our assessment that order booking position of our exporters is not only extremely good but also the gradual opening up of major global markets and improvement of the situation in the country is expected to push exports growth further."