Exports rise to$16.1 billion led by jewllery sector

Improving demand in western markets boosted India's export figures to $16.1 billion in May, up 35.1 per cent year-on-year, but a cautious commerce ministry said it did not call for a celebration as yet.

Commerce secretary Rahul Khullar said there was no need to get carried away by the numbers which came on a low base.

Imports were up at $27.4 billion in May, vaulting 30.8 per cent on the corresponding period last year, increasing the country's trade deficit to $11.3 billion.

India has set a target of 15 per cent growth in exports in the current fiscal and in the April-May period, Indian exports stood at $33 billion, up 35.7 per cent year-on-year.

Khullar said iron ore exports for April-May more than doubled over a year earlier, even as oil exports benefited from the improved refining capacity and rising external demand.

With the steady recovery from the slowdown export figures were up in the last seven months since 2009.