India trade deficit in May at $21.88 billion

NEW DELHI: India’s merchandise trade deficit in May narrowed to $21.88 billion, according to government data released on Monday.

India’s May trade deficit was lower than the $25 billion expected by economists in a Reuters poll, and also below April’s deficit of $26.42 billion.

Goods exports stood at $38.73 billion in May while imports were $60.61 billion, compared with $38.49 billion of exports and $64.91 billion of imports in April.

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Meanwhile, the trade in services showed an estimated surplus of $14.65 billion in May, as services exports rose to an estimated $32.39 billion while imports increased to $17.14 billion, Trade Secretary Sunil Barthwal told reporters.