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

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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