India’s trade deficit widened to a record $23.33 billion in May 2022 as imports grew at a faster pace compared to exports amid high commodity prices owing to the Russia-Ukraine conflict. India’s merchandise exports grew 15.46 per cent YoY to $37.29 billion in May. However, export growth fell by 7.2 per cent compared to last month, after witnessing record outbound shipments of over $40 billion in March and April, said Shri Pradeep Multani, President, PHDCCI
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Imports surged 56.14 percent to $60.62 billion in May on the back of a sharp jump in petroleum products amid rising global crude oil prices. Gold imports followed by the electronic goods and coal imports increased drastically in May 2022 due to reduction in price and resumption of mining and exporting activities, said Shri Multani.
At this crucial juncture, India should strengthen the Global Value Chains to capture emerging opportunities in the global arena. India’s export performance will depend upon diversification across destinations, products and services to scale up exports volume. India should develop a sector wide strategy to accomplish sectoral growth, said Shri Multani.
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Going ahead, at the structural front, the Government should continuously be focusing on ease of doing exports and reduced cost of doing business. Structural improvements in export and logistics infrastructure, developing supply chains and value chains of Micro, Small & Medium Enterprises (MSMEs) and enhancing the overall ease of doing exports would go a long way to push the growth trajectory of exports to the next level, said Shri Multani.