New Delhi: Amid demand slowdown in the Western markets, the country's May exports declined by 4.16 percent to $25.68 billion. The exports had totalled $26.7 billion in May 2011.
Besides, signalling a slowdown in the domestic market, the imports declined as well by 7.36 percent to $41.9 percent in May 2012 from $45.2 billion year-on-year, director general of Foreign Trade Anup Pujari told reporters.
With sharp decline in imports, the trade deficit in May has shrunk to $16.3 billion, from $18.5 billion year-on-year.
After crossing the $300 billion mark last fiscal, India is looking at an export figure of over $360 billion in 2012-13.
Exports in April were $24.4 billion. The overseas shipments in April-May of 2012-13 now total 50.13 billion, as against 50.48 in the same period last fiscal.
Cummulative imports during the first two months of this fiscal were $79.8 billion, down 2.42 percent from $81.87 billion in the same period of 2011-12.
Earlier in June, the government had announced a slew of measures like continuation of interest subvention to boost exports because of fragile global economy and problems in the euro-zone.
Source: PTI
