India’s year-on-year exports up 20% in May; imports rise 15%

India’s exports during May rose by 20.18 per cent to $28.86 billion from $24.01 billion worth of merchandise shipped out during the corresponding month of last year, official data showed on Friday.

According to data released by the Ministry of Commerce and Industry on Friday, petroleum products, organic and inorganic chemicals and drugs and pharmaceuticals showed a high export growth rate.

“Non-petroleum and non-gems and jewellery exports during May 2018 were valued at $19.94 billion as compared to $17.51 billion during May 2017 exhibiting a positive growth of 13.85 per cent,” the ministry said in a statement.

As per the data, the country’s imports during the month under review rose by 14.85 per cent to $43.48 billion in May 2018 from $37.86 billion in the like period of 2017.

Segment-wise, oil imports during May 2018 jumped by 49.46 per cent to $11.50 billion from $7.69 billion imported during May 2017.

The ministry pointed out that global Brent prices ($/bbl) have increased by 50.68 per cent in May 2018 vis-à-vis May 2017.

“Non-oil and non-gold imports in May 2018 valued at $28.50 billion has recorded a positive growth of 13.09 per cent as compared to non-oil and non-gold import in May 2017,” the statement said. (IANS)