June 14th 2024.
The latest report from the government shows a promising growth in India's merchandise exports for the month of May 2024. The total value of exports reached $38.13 billion, a significant increase of 9% compared to the same period last year where it was recorded at $34.95 billion. This is certainly good news for the country's economy, as exports play a crucial role in boosting its growth.
Not only did exports show a positive growth, but imports also saw a rise of 7.7%, reaching a total of $61.91 billion in May 2024. This shows an increase from the previous year, where imports were recorded at $57.48 billion. However, this also resulted in a trade deficit of $23.78 billion, indicating a gap between imports and exports.
During a media briefing, Commerce Secretary Sunil Barthwal shared his thoughts on the report, stating that May has been an exceptional month for exports. He also expressed his hope for this positive trend to continue in the coming months. The previous month of April 2024 also showed a growth in exports, with a one percent increase totaling to $35 billion.
In the first two months of this fiscal year, exports saw a growth of 5.1%, reaching a total of $73.12 billion. This is a positive sign for the country's economy, as it shows a steady growth in the export sector. On the other hand, imports also saw a rise of 8.89%, reaching a total of $116 billion in April-May 2024-25.
Overall, the latest report from the government shows a positive outlook for India's merchandise exports, with an increase in both exports and imports. This is a promising sign for the country's economy and we can only hope for this trend to continue in the future. This report is certainly a testament to the efforts and hard work of the Indian exporters and the government's policies to support the growth of this sector.
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