India's May exports up 9.1% y/y as outlook improves - Hindustan Times
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India's May exports up 9.1% y/y as outlook improves

Reuters |
Jun 14, 2024 02:47 PM IST

Merchandise imports in the same month rose 7.7% year-on-year to $61.91 billion - widening the trade deficit to $23.78 billion.

India's merchandise exports rose 9.1% to $38.13 billion in May from a year earlier, helped by an increase in shipments of engineering goods, commercial vehicles and smartphones, government data showed on Friday.

Services exports in May were estimated at $30.16 billion and imports at $17.28 billion, compared with $30.33 billion and $16.63 billion respectively in April.
Services exports in May were estimated at $30.16 billion and imports at $17.28 billion, compared with $30.33 billion and $16.63 billion respectively in April.

Merchandise imports in the same month rose 7.7% year-on-year to $61.91 billion - widening the trade deficit to $23.78 billion. Economists had expected a deficit of $19.5 billion, according to a Reuters poll.

In April, the trade deficit was $19.1 billion.

Read more: Hyundai looks to sell up to 17.5% stake in India unit IPO: Report

Analysts say merchandise exports - which contracted 3.1% to $437 billion in the previous fiscal year - are likely to pick up this year helped by a projected rebound in global trade, government incentives for manufacturing and easing domestic inflation.

Services exports in May were estimated at $30.16 billion and imports at $17.28 billion, compared with $30.33 billion and $16.63 billion respectively in April.

Asia's third-largest economy grew at a faster-than-expected pace of 7.8% in the January-March quarter, helped by a strong performance in the manufacturing sector, and economists expect the momentum to continue this year.

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