Exports dip 1.1 Percent to $24.5 Bn in May


Bangalore: After growing for four consecutive months, India's exports contracted by 1.1 percent year-on-year in May to $24.5 billion.

Exports in May 2012 stood at $24.77 billion. Imports grew by 6.99 percent to $44.65 billion during the period, leaving a high trade deficit of $20.1 billion.

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"High trade deficit is worrisome. It is high because of increase in gold and silver import," Commerce Secretary S R Rao told reporters here. Gold and silver imports, during the month under review, grew by 89 percent to $8.39 billion.

However, exports during April-May 2013 grew by 0.21 percent to $48.67 billion. Imports during the period were up by 8.88 percent to $86.6 billion.

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Source: PTI