India: Exports accelerate in May, trade balance deficit narrows further
June 19, 2014
The trade deficit totaled USD 11.2 billion in May, which was smaller than the USD 19.4 shortfall recorded in the same month last year. In the 12 months up to May, the trade deficit totaled USD 121.9 billion, which marked an improvement over the USD 130.1 billion shortfall seen in the 12 months up to April and represented the smallest shortfall since April 2011.
A combination of an expansion in exports and a the continued drop in imports drove May’s improvement in the trade balance. Overseas sales expanded 12.4% over the same month last year, which marked an acceleration the 5.3% increase recorded in April. Imports decreased 11.4% in May (April: -15.0% year-on-year).