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The country’s export of goods has increased by 15.46% to $37.29 billion in May. This information has been received from the data released by the Ministry of Commerce on Thursday. Exports have increased mainly due to good performance of petroleum products, electronics goods and chemicals sector. However, the trade deficit also increased during this period to $ 23.33 billion
Imports in May increased by 56.14 percent to $ 60.62 billion. The trade deficit stood at $6.53 billion in May 2021. The Commerce Ministry said, “The country’s export of goods has increased by 22.26 percent to $ 77.08 billion in April-May, 2022-23. With this, the export figure in the first two months of the last financial year was $ 63.05 billion.
Petroleum products, electronic goods and textiles have shown high growth in exports in May. Engineering exports have seen a 7.84% rise this month and petroleum product exports have risen by 52.71% to $8,202 billion. In the same month, May exports of gems and jewelery were worth $3.1 billion as opposed to $2.96b in the same period last year. Over the past few months, chemicals exports have been growing by 12 per cent, while shipments of pharma and readymade garments have increased by 5.78 per cent and 23% to $1.98 billion and $1.36 billion respectively.
On the other hand, imports of goods last month stood at $ 60.62 billion, which is 56.14 percent higher than the figure of $ 38.83 billion in 2021. In May 2022, imports of petroleum and crude oil jumped 91.6 percent to reach $ 18.14 billion. During this period, imports of coal, coke and briquettes increased to $5.33 billion from $2 billion in the same month last year. Gold imports increased to $ 5.82 billion in the month under review, from $ 677 million in May 2021.