India’s exports have fallen by 10.3% to $34.98 billion in May this year, while imports also slid 6.6% to $57.1 billion against $61.13 billion during the corresponding period of the previous year. Consequently, the trade deficit has risen to a five-month high of $22.1 billion. This is the result of India’s dependency on imported goods due to its domestic manufacturing sector’s inability to compete globally. Additionally, high demands for crude oil, gold, and electronic goods also contribute to the trade deficit. Despite this, the departments of commerce and promotion for industry and internal trade are working on developing an exports strategy focused on 40 countries. Headwinds continue to loom on the global trade front, according to commerce secretary Sunil Barthwal. India has consistently experienced a trade deficit for many years and will need to explore measures to address the issue.
India’s Trade Deficit Hits 5-Month High as Export and Import Figures Drop in May
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