India''s trade deficit ballooned by over 45 per cent
in May this year compared to the year-ago period as
exports grew at a moderate pace of 18.07 per cent, while
non-oil goods pushed overall imports by 26.36 per cent.
in May stood at $11.86 billion against 10.04 billion
dollars, while imports zoomed to $18.07 billion against
$14.30 billion, leaving a trade deficit of $6.21 billion
against $4.26 billion in May 2005.
growth was also markedly slower in May compared to the
23.06 per cent achieved in April.
export performance in May reflects execution of old
orders by exporters. The rupee rise impact may be visible
from July onward," commerce and industry minister
Kamal Nath said.
imports dropped by 2.99 per cent to $4.74 billion in
May this fiscal from $4.88 billion in the comparable
month of the previous year, according to official data.
non-oil imports went up by a whopping 41.58 per cent
to $13.33 billion against $9.42 billion dollars in May,
April-May exports increased by 20.37 per cent to $22.43
billion while imports for the period totalled $35.71
billion, showing a 33.05 per cent increase in trade
have been demanding a relief for the over eight per
cent increase in the value of rupee against the US currency
in the past few months. Commerce ministry officials
said the Prime Minister''s Office is working on a package
which may be announced in the next 10 days.