statesman news service
KOLKATA, 17 JUNE: India’s exports to overseas markets registered a 1.1 per cent decline during the month of May at $24.50 billion compared with $24.77 billion during the corresponding month of the previous year, according to a statement issued by the ministry of commerce and industries.
Imports during the month under review, however, grew by 6.99 per cent to $44.64 billion compared with $41.73 billion during the same month last year, thus leaving a huge trade deficit of around $20 billion.
Exports during the first two months (April and May) of financial year 2013-14 were valued at $48.67 billion as against $48.56 billion during the corresponding period of fiscal 2012-13, registering a meagre 0.21 per cent growth, the statement said.
On the other hand, cumulative imports during the first two months of this fiscal stood at $86.60 billion compared with $79.54 billion during April-May period of fiscal 2011-12, showing a growth of 8.88 per cent.
Trade deficit jumped by around $7 billion during the first two months of this fiscal compared with the same period of the previous fiscal.
"Trade deficit for April-May 2013-14 was estimated at $37.93 billion which was higher than the deficit of $30.97 billion during April-May 2012-13," the statement said.
Oil imports, which account for a major chunk of the country’s import basket, grew by 3.05 per cent to $15.02 billion during the month of May compared with $14.57 billion during the same month last year.
Non-oil imports during May 2013 were estimated at $29.62 billion which was 9.10 per cent higher than non-oil imports of $27.15 billion in May 2012, the statement said.
Oil imports during the April-May period of fiscal 2012-13 increased by 3.47 per cent, while non-oil imports during the same period went up by 11.84  per cent, the commerce and industry ministry statement added.