Exports decline by 1.1 pc to $24.51 bn in May

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SME Times News Bureau | 17 Jun, 2013
Country's exports have declined by 1.1 percent to USD 24.51 billion in May 2013, Commerce Secretary, S R Rao informed media Monday.

"Exports during May, 2013 were valued at USD 24.50 billion, which was 1.11 percent lower than the level of USD 24.77 billion during May, 2012. The trade deficit in May reached USD 20.14 billion in comparison to USD 17.8 billion in the previous month," Rao told media at press conference in New Delhi.

Imports during May, were valued at USD 44.64 billion representing a growth of 6.99 percent over the level of imports valued at USD 41.73 billion in May, 2012.

The trade deficit for April - May, 2013-14 was estimated at USD 37.93 billion which was higher than the deficit of USD 30.97 billion during April-May, 2012-13.

"Cumulative value of exports for the period April-May 2013 -14 was USD 48.67 billion as against USD 48.56 billion registering a growth of 0.21 percent over the same period last year," Rao added.

While the cumulative value of imports for the period April-May, 2013-14 was USD 86.60 billion as against USD 79.54 billion registering a growth of 8.88 percent over the same period last year.

He said, "India's gold and silver imports jumped by 89 percent in May to USD 8.39 billion. Imports of gold and silver in April-May became more than double to reach USD 15.88 billion."

Oil imports during May were valued at USD 15.02 billion, which was 3.05 percent higher than oil imports valued at USD 14.57 billion in the corresponding period last year.

Oil imports during April-May, 2013-14 were valued at USD 29.10 billion, which was 3.47 percent higher than the oil imports of USD 28.13 billion in the corresponding period last year.

Non-oil imports during May were estimated at USD 29.62 billion, which was 9.10 percent higher than non-oil imports of USD 27.15 billion in May, 2012.

Non-oil imports during April-May, 2013-14 were valued at USD 57.49 billion, which was 11.84 percent higher than the level of such imports valued at USD 51.40 billion in April-May, 2012-13, the ministry added.

"Textile exports are doing well, while engineering exports are seem to be improving," said Rao.