Correct Answer : $60.29
India's overall exports in May 2023 stood at US$60.29 billion, comprising both merchandise and services. While there was a decline in exports compared to the same period last year, several sectors demonstrated positive growth.
The trade deficit for April-May 2023 also improved significantly, indicating a positive trend in India’s trade performance.
Overall Trade Performance : India’s overall exports (Merchandise and Services combined) in May 2023 were estimated to be USD 60.29 billion, showing a negative growth of (-) 5.99 percent compared to May 2022. Similarly, overall imports in May 2023 amounted to USD 70.64 billion, reflecting a negative growth of (-) 7.45 percent compared to the previous year.
Merchandise Trade :
* Merchandise Exports : In May 2023, India’s merchandise exports amounted to USD 34.98 billion, indicating a decline from USD 39.00 billion in May 2022.
* Merchandise Imports : The imports of merchandise goods in May 2023 stood at USD 57.10 billion, lower than the USD 61.13 billion recorded in May 2022.
Key Sectors with Positive Growth : Thirteen out of thirty important sectors witnessed positive growth in May 2023 compared to May 2022. These sectors include Electronic Goods (73.96%), Other Cereals (67.96%), Oil Meals (52.91%), Spices (49.84%), Iron Ore (48.26%), and more. Enabling policies, such as duty withdrawal on Iron Ore and investment promotion in electronics and pharmaceuticals, contributed to the growth of these sectors.
Services Trade :
* Services Exports : India’s services exports in May 2023 were estimated at USD 25.30 billion, showing a slight increase compared to USD 25.13 billion in May 2022.
* Services Imports : The services imports in May 2023 amounted to USD 13.53 billion, indicating a decrease from USD 15.20 billion in May 2022.
April-May 2023 Performance : Examining the trade figures for April-May 2023, the overall exports (Merchandise and Services combined) exhibited a negative growth of (-) 5.48 percent compared to the same period in 2022. Meanwhile, overall imports during April-May 2023 showed a negative growth of (-) 9.63 percent compared to April-May 2022.
Merchandise Trade Deficit :
* April-May 2023 : The merchandise trade deficit during April-May 2023 was USD 37.26 billion, reflecting a decline of (-) 7.95 percent compared to April-May 2022.
* April-May 2022 : In comparison, the merchandise trade deficit during April-May 2022 was USD 40.48 billion.
Services Trade Surplus :
* April-May 2023 : The services trade surplus for April-May 2023 was estimated at USD 23.98 billion, representing an increase from USD 19.92 billion in April-May 2022.
* April-May 2022 : In contrast, the services trade surplus during April-May 2022 stood at USD 19.92 billion.
Agricultural Exports :
* Robust Performance : Agricultural exports showcased promising growth, with Spices growing by 31.81% and Rice exports increasing by 19% during April-May 2023 compared to the same period in the previous year. This solid performance reflects the strength of India’s agricultural sector.
Trade Deficit :
* Shrinking Deficit : India’s trade deficit showed considerable improvement during April-May 2023. The overall trade deficit was estimated at US$13.28 billion, a decline of (-) 35.41% compared to the same period in the previous year. The merchandise trade deficit stood at US$37.26 billion, registering a decline of (-) 7.95%. These improvements in the trade deficit indicate a positive trend in India’s trade performance.
