India's exports grew by 3.93 per cent to $30 billion in May on account of healthy growth in sectors such as chemicals, pharmaceuticals and engineering, according to a commerce ministry data released on Friday.
also read
- India's exports rise 6.21 per cent to $33.57 billion in October: Govt data
- Govt imposes $800 per tonne minimum export price on onion; to buy additional 2 lakh tonnes for buffer
- How will NCEL benefit farmers? Amit Shah says coop export body got Rs 7,000 cr orders
- Despite ban, India allows rice exports to Singapore in view of 'special relationship'
Imports, too, rose by 4.31 per cent to $45.35 billion, widening the trade deficit to $15.36 billion in May. The deficit, the difference between exports and imports, was $14.62 billion in May 2018.
Oil imports rose by 8.23 per cent to $12.44 billion and non-oil imports expanded by 2.9 per cent to $32.91 billion during the month under review.
Gold imports rose by 37.43 per cent to $4.78 billion. Cumulatively, exports in April-May 2019-20 was up by 2.37 per cent to $56 billion. Imports rose by 4.39 per cent to $86.75 billion, registering a trade deficit of $30.69 billion.
Meanwhile, India's service sector exports rose by 2.8 per cent to $18.06 billion in the first month of the current fiscal. The services receipt or exports during April 2018 stood at $17.56 billion.
Services payments or imports in April 2019 were at $11.4 billion, up by 4.6 per cent from $10.92 billion in the same month of 2018-19, according to the RBI data on India's international trade in services for April 2019.
The RBI releases monthly data on India's international trade in services with a lag of around 45 days. The monthly data on services are provisional and undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis. PTI KPM ABM 06141828
