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India's overall exports (combining Merchandise and Services) in May 2022 are estimated to be USD 62.21 Billion, having a positive growth of 24.03% as compared to May 2021. Similarly, overall imports in May 2022 are estimated to be USD 77.65 Billion, indicating a positive growth of 59.19% as compared to May 2021.
The overall trade deficit (combining Merchandise and Service trades) in May 2022 turned out to be USD 15.44 billion.
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Merchandise trades means in simpler terms, goods which add or subtract from the stock of material resources of a country by entering (imports) or leaving (exports) its economic territory. Whereas Service trades means, the value of services exchanged between residents and non-residents of an economy, including services provided through foreign affiliates established abroad.
Merchandise exports in May 2022 were USD 38.94 Billion, as compared to USD 32.30 Billion in May 2021, indicating a growth of 20.55%. Whereas, Merchandise imports in May 2022 were USD 63.22 Billion, which is an increase of 62.83% compared to USD 38.83 Billion in May 2021. Thus the overall merchandise trade deficit in May 2022 was estimated at USD 24.29 Billion having a negative growth of 271.96%.on a y-o-y basis.
Service exports for May 2022 is USD 23.28 Billion indicating a growth of 30.32% when compared with May 2021's figures of USD 17.86 Billion. Service imports for May 2022 is USD 14.43 Billion with an increase of 45.01% when compared with May 2021's figures of USD 9.95 Billion. Therefore, the overall services trade balance in May 2022 is estimated at USD 8.85 Billion, which is an increase of 11.85% on a y-o-y basis.
-by Gautam
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