India's exports show 4.16 percent decline in May 2012 | SupportBiz

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India's exports show 4.16 percent decline in May 2012

 
India's exports declined 4.16 percent in May to USD25.68 billion, as against USD26.79 billion in the corresponding month of 2011, official data showed. The imports also declined by 7.36 percent at USD41.9 billion as well.

With the decline in imports, the trade deficit narrowed to USD16.3 billion during May, from USD18.5 billion a year ago.

The declines were mainly witnessed in sectors such as engineering goods (15.67 percent), gems and jewellery (nine percent), and ready-made garments (15.82 percent).

As regards to imports, during May 2012, gold and silver were down by 52 percent, while electrical equipment registered a decline of 21 percent.

Earlier this month, the government had announced a number of measures like continuation of interest subvention to boost exports.