NEW DELHI: India's exports slipped 4.16% to $25.7 billion during May as compared to the corresponding month last year. The exports had touched $26.7 billion in the same month in 2011.
Meanwhile, imports fell an annual 7.36% to $41.9 billion, which left the trade deficit at $16.3 billion in May, stated Anup Pujari, Director General of Foreign Trade.
With the strong fall in imports, the trade deficit during May has touched $16.3 billion as compared to $18.5 billion year-on-year.
After surpassing the $300-billion mark during last financial year, India is aiming to attain exports worth more than $360 billion during the FY13.
The exports during April was at $24.4 billion. The cummulative imports in the first two months of this fiscal was at $79.8 billion, 2.42% decline to $81.87 billion during the same period of 2011-12.
During the early part of this month, Centre declared series of measures such as continuation of interest subvention to strengthen exports due to the weak global economy along with the problems in the Eurozone.