India's May merchandise exports up 4%, imports rise 4.31%
Friday - June 14, 2019 11:08 pm , Category : BUSINESS
New Delhi, June 14 (IANS) India's merchandise exports rose 3.93 per cent on a year-on-year basis in May to $29.99 billion from $28.86 billion reported for the corresponding month of last year, official data showed on Friday.As per the data furnished by the Ministry of Commerce and Industry, electronic goods, organic and inorganic chemicals, drugs and pharmaceuticals and engineering goods showed high export growth during the month under review."Non-petroleum and non-gems and jewellery exports in May 2019 were $21.42 billion as compared to $19.94 billion in May 2018, exhibiting a positive growth of 7.42 per cent," the ministry said.On the other hand, imports grew by 4.31 per cent to $45.35 billion in May from $43.48 billion reported for the corresponding month of 2018.Oil imports in May were $12.44 billion, which was 8.23 per cent higher in dollar terms, compared to $11.50 billion in May 2018."Non-oil imports in May 2019 were estimated at $32.91 billion which was 2.90 per cent in dollar terms, compared to $31.98 billion in May 2018," the ministry said."Non-oil and Non-gold imports were $28.13 billion in May 2019, recording a negative growth of 1.31 per cent, as compared to non-oil and non-gold imports of $28.50 billion in May 2018."Consequently, the trade deficit during the month under review widened to $15.36 billion as against the deficit of $14.62 billion in May 2018.Commenting on the latest data, Federation of Indian Export Organisations President Ganesh Kumar Gupta said that such a growth in exports is a reflection of extremely modest growth in global trade and increasing protectionism."MSME sectors are still facing the problem of liquidity besides various other challenges including uncertainties owing to tariff war, volatility in commodities, currencies, rapid rise in trade restrictive measures and constraints on the domestic front," Gupta was quoted as saying in a statement.FIEO Chief said that US-China trade war and developments in Iran has further aggravated the problem in the world economy.According to Engineering Export Promotion Council of India Chairman Ravi Sehgal exports growth for May remains at sub-optimal level requiring immediate government intervention."For engineering sector, exporters need crucial raw material like steel at international prices. Exporters are looking forward to Budget for fiscal relief," Sehgal was quoted as saying in a statement.