India’s exports grew by an impressive 56.9 per cent year-on-year to $ 25.9 billion in May due to a rise in demand from Western markets like the U.S. and Europe.
Imports also surged by 54.08 per cent to $ 40.9 billion, leaving a trade deficit of $ 14.9 billion, as per official data released by the Commerce Ministry today.
Earlier, Commerce Secretary Rahul Khullar said, “This is the highest imports figure in the last four years.”
In May this year, crude oil imports grew by 18.57 per cent to $ 10.1 billion from $ 8.5 billion in the same month last year. Non-oil imports also went up by 71 per cent to $ 30.7 billion in the month under the review from $ 17.9 billion in the same period last fiscal.
During April-May, exports increased by 45.28 per cent to $ 49.7 billion, while imports grew by 33.3 per cent to $ 73.7 billion.
The trade deficit during the first two months of the current fiscal stood at $ 23.9 billion.
During 2010—11, the country’s total merchandise exports aggregated $ 246 billion, growing by an impressive 37.55 per cent.
Imports in the last fiscal stood at $ 350 billion, down by 21.6 per cent, and the trade deficit was $ 104 billion.
