Trade deficit at $11.23 billion in May

India's trade deficit declined to $11.23 billion in May from $19.37 billion reported in the corresponding month of 2013-14, due to a drop in non-oil imports including that of gold.

The trade deficit for the period of April-May 2014-15 stood at $21.32 billion, which was lower than $37.04 billion during the corresponding months of last fiscal.

According to data released by the commerce ministry here, India's exports rose by 12.40 percent to $27.99 billion during the month under review from $24.91 billion reported in the corresponding month of last fiscal.

However, imports dipped by 11.41 percent to $39.23 billion, helping to narrow trade deficit. The imports stood at $44.28 billion in the corresponding month of 2013-14.

Oil imports rose by 2.5 percent to $14.46 billion in May from $14.11 billion during the like period of last fiscal, while non-oil imports slumped by 17.9 percent to $24.76 billion from $30.16 billion shipped-in during May 2013.