Exports grow 12.4 pct to $28 bn in May; trade deficit jumps at $11.23
bn
11/06/2014 16:10
Even after witnessing a strong growth in exports, India's trade deficit has increased to USD 11.23 billion in May from USD 10.09 billion in April. It was however lower than USD 19.37 billion in May 2013. As per the government data, exports for May grew by a six-month high of 12.40 per cent at USD 27.9 billion as against USD 24.91 billion for the same period a year ago. However, imports for May 2014 contracted by 11. 4 per cent at USD 39.23 billion as against USD 44.28 in the same period a year ago. This was partly reflective of 72 per cent decline in gold imports. The data showed that gold imports in May dipped by 72 per cent to USD 2.19 billion, as against USD 7.7 billion in May 2013. Trade secretary Rajeev Kher said the trade ministry was in favour of "rationalising" the import duty and that there was a clear view that "normalcy" needed to be restored to gold imports. "Export figures have begun to acquire their normal levels, which is encouraging," he told media. In April-May, first two months of the 2014-15 fiscal, exports grew by 8.87 per cent to USD 53.63 billion. Imports during the period dipped by 13.16 per cent to USD 74.95 billion.
11/06/2014 16:10
Even after witnessing a strong growth in exports, India's trade deficit has increased to USD 11.23 billion in May from USD 10.09 billion in April. It was however lower than USD 19.37 billion in May 2013. As per the government data, exports for May grew by a six-month high of 12.40 per cent at USD 27.9 billion as against USD 24.91 billion for the same period a year ago. However, imports for May 2014 contracted by 11. 4 per cent at USD 39.23 billion as against USD 44.28 in the same period a year ago. This was partly reflective of 72 per cent decline in gold imports. The data showed that gold imports in May dipped by 72 per cent to USD 2.19 billion, as against USD 7.7 billion in May 2013. Trade secretary Rajeev Kher said the trade ministry was in favour of "rationalising" the import duty and that there was a clear view that "normalcy" needed to be restored to gold imports. "Export figures have begun to acquire their normal levels, which is encouraging," he told media. In April-May, first two months of the 2014-15 fiscal, exports grew by 8.87 per cent to USD 53.63 billion. Imports during the period dipped by 13.16 per cent to USD 74.95 billion.
