June 11, 2014 8:18 PM

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Trade deficit shrinks to $11.23 bn in May; Exports rise by 12.4%

India's trade deficit jumped to 11.23 billion US dollars in May even though exports witnessed the strongest growth in six months. Trade deficit, the difference between earnings from exports and outflow on account of imports, rose to 11.23 billion dollars in May, from 10.09 billion dollars in the previous month. It was however lower than 19.37 billion dollars in May, last year. Exports grew by 12.4 per cent in May to 28 billion dollars, whereas imports dipped by 11.4 per cent at 39.23 billion dollars.Talking to reporters after releasing the export figures in New Delhi this morning, Commerce Secretary Rajeev Kher said, the figures in May are encouraging.In April-May, the first two months of the 2014-15 fiscal, exports grew by 8.87 per cent to 53.63 billion dollars. Imports during the period dipped by 13.16 per cent to 74.95 billion dollars. Gold imports in May dipped by 72 per cent to 2.19 billion dollars, as against 7.7 billion dollars in May last year.

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