India’s export growth dips to 12.9 percent

July 1st, 2008 - 8:49 pm ICT by IANS  

New Delhi, July 1 (IANS) The growth in India’s merchandise exports dipped to 12.9 percent for May to $13.78 billion, against $12.21 billion for the like month of the previous year, official trade data showed Tuesday. The cumulative exports for April-May was valued at $28.18 billion, which was 21.7 percent higher than $23.16 billion during the corresponding period of the previous year, data released by the commerce ministry showed.

India has set a merchandise export target of $200 billion for the current fiscal. In April, the exports were higher by an impressive 31.5 percent.

Imports during May were estimated at $24.55 billion, representing an increase of 27.1 percent over $19.31 billion in May, while imports for April-May were higher by 31.7 percent at $48.82 billion, against $37.08 billion.

With crude prices going through the roof, oil imports during May jumped by 50.8 percent and topped $84.65 billion, against $56.13 billion in the corresponding month of last fiscal, while non-oil imports were higher by 17.4 percent.

As a result, the trade deficit widened to $20.64 billion for April-May against $13.92 billion during the like period of last fiscal.

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