India Trade Balance May 2021

India: Merchandise exports rise at a softer pace in May

Merchandise exports jumped 69.4% over the same month last year in May, following April’s 195.7% jump. Meanwhile, merchandise imports soared 73.6% on an annual basis in May (April: +167.1% yoy). That said, both figures were highly flattered by favorable base effects. Compared to the same period in 2019, imports were down in May, likely as the domestic Covid-19 outbreak hurt demand.

As a result, the merchandise trade balance improved from the previous month, recording a USD 6.3 billion shortfall in May (April 2021: USD 15.1 billion deficit; May 2020: USD 3.2 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 110.0 billion deficit in May, compared to the USD 106.9 billion deficit in April.

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