Imports climbed 20.6% year on year to $73.4 billion, leaving the country with a $28.2 billion trade deficit for the month.
India’s merchandise exports reached a record $45.2 billion in May, rising 18% from a year earlier. Imports also increased, climbing 20.6% year on year to $73.4 billion. The gap between the two left the country with a merchandise trade deficit of $28.2 billion for the month, underscoring that stronger outbound shipments were accompanied by even higher import demand.