Exports rise 20.55 pc to USD 38.94 bn in May; trade deficit at record USD 24.29 bn

India's merchandise exports in May rose by 20.55 percent to USD 38.94 billion, while the trade deficit ballooned to a record USD 24.29 billion, according to the government data released on Wednesday.

Imports during May 2022 grew by 62.83 percent to USD 63.22 billion, the data showed.

The trade deficit stood at USD 6.53 billion in the same month last year.

Cumulative exports in April-May 2022-23 rose by about 25 percent to USD 78.72 billion.

Imports in April-May 2022-23 increased 45.42 percent to USD 123.41 billion.

The trade deficit during the first two months of this fiscal widened to USD 44.69 billion against USD 21.82 billion in the year-ago period.