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BW Businessworld

Exports Dip 1.1% To $24.5 Bn In May

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After growing for four consecutive months, India's exports contracted by 1.1 per cent year-on- year in May to $24.5 billion.

Exports in May 2012 stood at $24.77 billion.

Imports grew by 6.99 per cent to $44.65 billion during the period, leaving a high trade deficit of $20.1 billion.

"High trade deficit is worrisome. It is high because of increase in gold and silver import," Commerce Secretary S R Rao told reporters here.

Gold and silver imports, during the month under review, grew by 89 per cent to $8.39 billion.

However, exports during April-May 2013 grew by 0.21 per cent to $48.67 billion. Imports during the period was up by 8.88 per cent to $86.6 billion.