India Trade May 2024

India: Merchandise exports increase in May

Merchandise exports climbed 9.1% in annual terms in May (April: +1.1% year on year). Meanwhile, merchandise imports expanded 7.7% on an annual basis in May (April: +10.3% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 23.8 billion shortfall in May (April 2024: USD 19.1 billion deficit; May 2023: USD 22.1 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 249.0 billion deficit in May, compared to the USD 247.8 billion deficit in April.

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