India's May trade deficit widened to $24.29 billion from $6.53 billion a year ago, a government statement said on Wednesday.

May's trade deficit was pushed up by a surge in imports, which rose 62.83% year-on-year to $63.22 billion, while exports rose 20.55% to $38.94 billion, revised trade data released by the Ministry of Commerce and Industry showed.

India's merchandise exports in the month of May rose by 20.55% to $38.94 billion. Imports grew by 62.83% to $63.22 billion. The trade deficit stood at $6.53 billion on May 2021.

Cumulative exports in April-May 2022-23 rose by about 25% to $78.72 billion. Imports in April-May 2022-23 rose 45.42% to $123.41 billion.

The trade deficit during the first two months of the ongoing fiscal widened to $44.69 billion against $21.82 billion in the same time frame last year.

Source:- economictimes.indiatimes.com