West Asia rebound pushes goods exports 18% higher

THE RECOVERY IN shipment volumes to West Asia after two months of decline and the high value of petroleum products shipments helped merchandise exports grow at the fastest rate in six months in May.

- MUKESH JAGOTA

Shipments rose 18% to $45.2 billion, and with the war in the region winding down, prospects for the rest of the year look promising, government officials and trade circles feel. In May last year, exports shrank 1.2%.

Exports to West Asia, which had fallen sharply to $2.62 billion in March as the war began, returned to last year’s level of $5.3 billion in May. “The May numbers are one of the highest monthly export data. Going by the trend, this year will be good for exports,” Commerce Secretary Rajesh Agrawal said.

Imports in May grew 20.6% on year to $73.41 billion due to high crude oil prices. Trade deficit hit $28.21 billion, slightly less than $28.38 billion in April. May trade deficit was still higher than $22.5 billion in the year-ago month.