India''s May trade deficit tops $6.2 billion as export growth slackens

Mumbai: India''s trade deficit ballooned by over 45 per cent in May this year compared to the year-ago period as exports grew at a moderate pace of 18.07 per cent, while non-oil goods pushed overall imports by 26.36 per cent.

Exports in May stood at $11.86 billion against 10.04 billion dollars, while imports zoomed to $18.07 billion against $14.30 billion, leaving a trade deficit of $6.21 billion against $4.26 billion in May 2005.

Export growth was also markedly slower in May compared to the 23.06 per cent achieved in April.

"The export performance in May reflects execution of old orders by exporters. The rupee rise impact may be visible from July onward," commerce and industry minister Kamal Nath said.

Oil imports dropped by 2.99 per cent to $4.74 billion in May this fiscal from $4.88 billion in the comparable month of the previous year, according to official data.

India''s non-oil imports went up by a whopping 41.58 per cent to $13.33 billion against $9.42 billion dollars in May, 2006-07.