NEW DELHI: Continuing the momentum witnessed in April, Indian goods exports are estimated to have grown 15% in May as the crude refining industry gained from high global oil prices. Excluding petroleum products, merchandise exports are estimated to have risen at 11% last month, an official said Monday.
Petroleum Products Drive Export Growth
“It’s not only the petroleum products that drive the value. Indian goods in other industries are also doing well,” the official said. Contrary to expectations, high oil prices have propelled India’s exports to $43.6 billion in April, the highest monthly level in over four years, registering a 13.8% growth. Imports also rose at a more moderate pace of 9.9% to $71.9 billion, resulting in a trade deficit of $28.3 billion, a three-month high. Oil product exports had jumped 34.7% to $9.6 billion in April.
Bilateral Trade Agreement with US
The official added that the first phase of the bilateral trade agreement between India and the US can be finalised after the conclusion of the Section 301 investigations by the US. The conclusion of the probe is important as the temporary 10% additional tariffs imposed by the US will end on July 24. After that, only the Most Favoured Nation (MFN) tariffs will apply to US trading partners.
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