Thaindian News

New Delhi, June 10 (IANS) India’s exports surged to all-time monthly high of $25.9 billion in May, registering a growth of 56.9 percent year-on-year on the back of a sharp jump in the exports of engineering, electronics and petroleum products, Commerce Secretary Rahul Khullar said Friday.

Exports in the first two months of the current fiscal grew 45.3 percent to $49.8 billion, while imports during the April-May period jumped 33.3 percent to $73.7 billion, resulting in a trade deficit of $23.9 billion.

Imports in May 2011 was $40.9 billion, resulting in a trade deficit of $15 billion.

The trade deficit has widened due to the increase in global crude oil prices.

“The good news is that our export is at an all time high. At the same time, we are concerned about the surge in imports. In the last couple of months, imports have surged suddenly,” Khullar told reporters.

In the first two months of the current fiscal, exports of engineering products jumped 115 percent to $14.7 billion. Exports of gems and jewellery rose 23 percent to $5.7 billion; petroleum and oil products rose 64 percent at $8.8 billion; cotton yarn and made-ups, 10.4 percent at $1.04 billion; electronics, 80 percent at $1.83 billion and marine products, 15.8 percent at $0.4 billion.

Exports of iron ore, fruits and vegetables and tobacco declined during the period because of the government ban on the exports of these products, Khullar said.

Imports of petroleum products increased 12.9 percent to $20.3 billion in April-May period. Imports of pearls and precious stones increased 24.6 percent at $ 5.2 billion; gold and silver, 222 percent at $13.5 billion and machinery 46.7 percent at $5.9 billion.

However, imports of iron and steel declined 13 percent at $1.8 billion.