The Hindu : Business : Trade gap widens to $10.76 b in May

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Wednesday, Jul 02, 2008
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Trade gap widens to $10.76 b in May

Special Correspondent

NEW DELHI: India’s exports grew by 12.9 per cent in May this year to $13.78 billion. Imports also went up by 27.1 per cent to $24.54 billion resulting in higher trade deficit that stood at a record $10.76 billion against $7 billion recorded in May 2007.

In rupee terms, exports were Rs. 58,057 crore, which was 16.6 per cent higher than that recorded in May 2007, while imports increased by 31.3 per cent, according to the government data released here on Tuesday.

Oil imports

Oil imports during the month under review were valued at $8.46 billion which was 50.8 per cent higher than $5.61 billion in the corresponding period last year, while non-oil imports were estimated at $16 billion against $13.7 billion, up 17.4 per cent.

Giving details of the trade data for the first two months of the current fiscal, it said exports during April-May stood at $28.18 billion (up 21.7 per cent) against $23.16 billion during the comparable period of the previous financial year, while imports rose by 31.7 per cent to $48.82 billion from $37.08 billion in April-May, 2007.

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