India’s trade deficit expanded to $23.78 billion in May 2024, up from $19.1 billion recorded in the previous month of the fiscal year 2024-25, according to the commerce ministry’s announcement on June 14.
Exports increased by nearly 9 percent from April to reach $38.13 billion in May, while imports surged by 14.45 percent to $61.91 billion during the same period.
“Positive signs are emerging for the trade sector,” remarked Commerce Secretary Sunil Barthwal. He highlighted that the growth in May’s exports was propelled by higher shipments of pharmaceutical products, engineering goods, and other sectors.
