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Exports up in May, but trade gap widens

New Delhi, Jun 11(PTI): India's trade deficit widened to $11.23 billion in May even though exports witnessed their strongest growth in six months.

Trade deficit, the difference between earnings from exports and outflow on account of imports, rose to $11.23 billion in May, from $10.09 billion in the previous month. It was however lower than $19.37 billion in May 2013.

Exports grew by 12.4 per cent in May to $28 billion, whereas imports dipped by 11.4 per cent at $39.23 billion.

The export figures in May are “encouraging”, Commerce Secretary Rajeev Kher told reporters here.

In April-May, first two months of the 2014-15 fiscal, exports grew by 8.87 per cent to $53.63 billion.

Imports during the period dipped by 13.16 per cent to $74.95 billion.

Gold imports in May dipped by 72 per cent to $2.19 billion, as against $7.7 billion in May 2013.