Exports up 57% in May

Imports also jump by 54 per cent

Along with rising exports, imports too went up by 54.1 at US$40.9 billion during the month, pushing trade deficit to US$15 billion during May. Imports grew highest in the last four years.

“I am sure, we will continue with strong performance so that current account deficit can be kept manageable,” Commerce & Industry Minister Anand Sharma said.

Commerce Secretary Rahul Khullar said the trade gap is much larger than it had been in the last 2-3 years. “It is a matter of concern. It is because of volatility in petroleum prices,” Sharma said.

He said India being major importer of petroleum products, the situation needs to be carefully watched. The country’s petroleum and oil lubricants (POL) imports in May increased by 18 per cent to US$10.16 billion.

During April-May 2011-12, exports increased by 45.3 per cent to US$49.8 billion. During first two months of 2011-12, sectors which registered healthy growth include engineering (115 per cent), electronics (80 per cent), drugs (68 per cent), petroleum (64 per cent), gems and jewellery (23 per cent), ready made garments (31 per cent), chemicals (44 per cent) and leather (21 per cent).

Imports during first two months of current fiscal grew by 33.3 per cent to US$73.7 billion. The trade deficit during the period stood at US$23.9 billion. Sharma said Directorate General of Foreign Trade (DGFT) would undertake a sectoral review of exports and complete it in 45 days. 

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