May exports up 35%

May exports up 35%

New Delhi: India’s May exports rose an annual 35% to $16.1 billion, flattered by low year-ago numbers, the trade secretary said on Friday.

Imports for the month were at $27.4 billion, Rahul Khullar said, widening the country’s trade deficit to $11.3 billion.

Asia’s third-largest economy is targeting close to 15% export growth in the current fiscal year, following an annual drop of 4.7% in the 2009-10 fiscal year as the global slowdown crimped demand.

“It is a huge base effect kicking in," said Khullar.

India has exported $33 billion worth of goods in April and May, the first two months of the current fiscal year, he said.

April exports had risen 36% to $16.9 billion as demand picked up for India’s gems and textiles, while imports rose 43% from a year earlier to $27.3 billion and the trade deficit stood at $10.4 billion.