Exports dip 1.1 pc to $24.5 bn in May

After growing for four consecutive months, India's exports contracted by 1.1 per cent year-on- year in May to USD 24.5 billion.

Exports in May 2012 stood at USD 24.77 billion.

Imports grew by 6.99 per cent to USD 44.65 billion during the period, leaving a high trade deficit of USD 20.1 billion.

"High trade deficit is worrisome. It is high because of increase in gold and silver import," Commerce Secretary S R Rao told reporters here.

Gold and silver imports, during the month under review, grew by 89 per cent to USD 8.39 billion.

However, exports during April-May 2013 grew by 0.21 per cent to USD 48.67 billion. Imports during the period was up by 8.88 per cent to USD 86.6 billion.