Preliminary data released by the commerce department showed that in May exports grew 15. 5% to $37. 3 billion, the most sluggish pace of expansion since February 2021. In contrast, imports shot up over 56% to $60. 6 billion, marking only the second time that the value of shipments into the country has gone past the $60-billion level after $60. 7 billion in March 2022.
While oil imports rose almost 92% to $18. 1 billion — accounting for almost 30% of the goods shipped into the country in May — gold was the other major driver, jumping 8. 6 times to $5. 8 billion to emerge as the second largest item in the import basket.
Besides, coal imports soared three times from just un- der $2 billion in May 2021 to $5. 3 billion last month. As prices soared, its share of India’s imports was just a little lower than electronics ($5. 4 billion). Price of crude petroleum, coal and gold went up significantly after Russia’s invasion of Ukraine.