Total imports for May this year grew at an estimated 7.95 per cent to $79.20 billion, while imports during April-May grew at an estimated 9.93 per cent to $149.92 billion.

Merchandise exports during May were worth $38.13 billion compared to $34.95 billion in the same month last year. Merchandise imports during the month were worth $61.91 billion compared to $57.48 billion in May 2023.

Merchandise exports during April-May were worth an estimated $73.12 billion compared to $69.57 billion during April-May 2023. Merchandise imports during the two months were an estimated $116.01 billion compared to $106.54 billion during the corresponding two months last year.

Merchandise trade deficit during April-May was $42.89 billion compared to $36.97 billion during the same duration last year, a release from the ministry said.

Items that witnessed a positive YoY growth in exports in May were handicrafts excluding handmade carpet (20.63 per cent), carpet (17.55 per cent), petroleum products (15.75 per cent), readymade garments (9.84 per cent), cotton yarn/fabrics/made-ups, handloom products, etc. (9.75 per cent), man-made yarn, fabrics, made-ups, etc. (4.65 per cent), and organic and inorganic chemicals (3.21 per cent).

Items that witnessed a YoY decline in exports in May were cotton raw and waste (minus 24.46 per cent), leather and leather products (minus 20.05 per cent), chemical material and products (minus 9.81 per cent), dyeing/tanning/colouring materials (minus 5.1 per cent), textile yarn fabric, made-up articles (minus 1.15 per cent), and organic and inorganic chemicals (minus 0.49 per cent).

The top five export destinations in terms of change in value exhibiting YoY growth in May this year were the United States (13.06 per cent), the Netherlands (43.92 per cent), the United Arab Emorates (19.43 per cent), Malaysia (86.95 per cent) and the United Kingdom (33.54 per cent).

The top five export destinations in terms of change in value exhibiting positive YoY growth during April-May were the United States (12.66 per cent), the Netherlands (40.87 per cent), the United Arab Emirates (16.16 per cent), Singapore (36.65 per cent) and Malaysia (64.03 per cent).

The top five import sources in terms of change in value exhibiting YoY growth in May were the United Arab Emirates (49.93 per cent), Iraq (58.68 per cent), Russia (18.02 per cent), Angola (1,274.95 per cent) and Indonesia (23.36 per cent).

The top five import sources in terms of change in value exhibiting YoY growth during April-May were Russia (19.89 per cent), the United Arab Emirates (28.83 per cent), Iraq (34.12 per cent), Switzerland (26.43 per cent) and Angola (256.01 per cent).

Fibre2Fashion News Desk (DS)