India’s exports surged by 56.93 per cent

Year-on-year growth of Indian exports surged by 56.93 per cent to $25.9 billion in May from May 2010 on account of demand from the US and Europe, reveals provisional data issued today by the commerce ministry.

However, imports also soared by 54.08 per cent to $40.9 billion, the data showed, the highest imports in the last four years.

The trade deficit in May widened to $14.9 billion from $10.0 billion a year earlier, the highest since September 2008, due to increased demand for oil, gold and industrial machinery.

''This is the highest imports figure in the last four years.'' said commerce secretary Rahul Khullar.

Imports rose mainly due to a rise in non-oil imports, which were up 71 per cent from a year earlier at $30.75 billion than non-oil imports of $17.97 billion in May 2010.

Crude oil imports in May rose 18.57 per cent to $10.2 billion than oil imports valued at $8.57 billion in the corresponding period last year.