India’s exports jump by 12.4 percent in May

New Delhi, June 11 : India’s exports jumped by 12.4 percent to $27.99 billion in May, the sharpest rise in six months helped by a weaker rupee, government data showed Wednesday.Exports had increased by 5.26 percent to $25.63 billion in April year-on-year. A weaker rupee had its impact on imports also which fell by 11.41 percent to $39.23 billion in May, according to data released by the ministry of commerce and industry here.

However, trade deficit widened to $11.23 billion in May from $10.08 billion recorded in the previous month. Cumulative value of exports for first two months of the current financial year stood at $53.63 billion, which was 8.87 percent higher than $49.26 billion recorded in the corresponding period last year. The value of imports slumped by 13.16 percent to $74.95 billion in April-May period of 2014-15 from $86.31 billion recorded in the same period in the previous year.

The trade deficit for the April-May 2014-15 period stood at $21.32 billion, which was sharply lower from $37.04 billion during the corresponding months of last fiscal. Oil imports rose by 2.5 percent to $14.46 billion in May from $14.11 billion during the like period of last fiscal, while non-oil imports slumped by 17.9 percent to $24.76 billion from $30.16 billion shipped-in during May 2013.