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According to trade data released by the Ministry of Commerce and Industry, India trade deficit increased to how many billions in May 2022?
A)
$24.29 Billions
B)
$27.27 Billions
C)
$29.62 Billions
D)
$31.51 Billions

Correct Answer : Option (A) - $24.29 Billions


Trade data released by the Ministry of Commerce and Industry showed that India’s May 2022 trade deficit widened to $24.29 billion from $6.53 billion a year ago. May’s trade deficit was pushed up by a surge in imports, which rose 62.83% year-on-year to $63.22 billion, while exports rose 20.55% to $38.94 billion. 
 
Despite the uncertainty and volatility caused by the war in Europe, the engineering goods exports rose by 12.65 per cent year-on-year to $9.71 billion in May 2022.
 
India’s merchandise exports in the month of May rose by 20.55% to $38.94 billion. Imports grew by 62.83% to $63.22 billion
 
The trade deficit stood at $6.53 billion on May 2021. Cumulative exports in April-May 2022-23 rose by about 25% to $78.72 billion. Imports in April-May 2022-23 rose 45.42% to $123.41 billion..

Source : The Print

Published On : June 16, 2022
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