India: Trade deficit narrows amid large decline in imports
July 4, 2012
In May, the trade balance recorded a USD 16.3 billion deficit, down from the USD 18.5 billion deficit recorded in the same month last year. Imports amounted to USD 41.9 billion, which represents a 7.4% decline in annual terms, which contrasted the 3.8% rise recorded in April. Meanwhile, exports reached USD 25.7 billion in May, which represents a 4.2% contraction in annual terms and contrasts the 3.2% increase observed in the previous month. The government has set an export target of USD 500 billion for the fiscal year 2013/14.