Monday, November 29, 1999

India`s exports up 35 percent in May at $16.1 bn

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New Delhi, June 18 (IANS) India's merchandise exports in May rose by 35 percent to $16.1 billion, the government said here Friday.Data released by the commerce ministry showed imports for the month grew by 30.8 percent to $27.4 billion year-on-year, widening the country's trade deficit to $11.3 billion.During April-May 2010, exports stood at $33 billion, a 35.7 percent rise over the year-ago period.Officials attributed the export growth to low base effect.India is targeting around 15 percent export growth in this financial year.The country's exports had dropped 4.7 percent in fiscal 2009-10 as demand slumped due to the global meltdown.In April, exports had risen 36 percent to $16.9 billion as demand for gems and textiles increased. Imports for the month jumped 43 percent from a year earlier to $27.3 billion and the trade deficit stood at $10.4 billion.The total import in April-May was $54.7 billion, resulting in a trade deficit of $21 billion.

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