India’s exports increased 8.32% in the month of May to USD 24 billion, despite the trade deficit surging to a 30-month high of USD 13.84 billion, mainly due to a hike in gold imports.
Exports stood at USD 22.1 billion for the same month in the previous year.
Most of the growth in the exports in May 2017 was attributed to strong performance in the petroleum, engineering, textiles and gems and jewellery sectors.
The economy witnessed a 19.7% growth in the total outward shipments in April 2017, while India’s imports also rose 33% to USD 37.85 billion in May 2017.
The gold imports saw a three-fold surge to USD 4.95 billion leading to a rise in trade deficit in May 2017, as against USD 6.27 billion in May 2016.
Source: indiainfoline.com