India's Exports Surge 35% in May

Exports in May hit $16.1 billion from $11.95 billion

India's exports jumped for a seventh straight month in May, leaping by 35.1%, data showed ion July 1.

Exports in May surged to $16.1 billion from a low base of $11.95 billion a year ago when overseas sales were hit by the impact of the recession.

India's exports have been surging in recent months thanks to demand for its iron ore, gems and jewelery, automobiles, pharmaceuticals and petroleum products.

Imports also climbed 38.5% in May to $27.4 billion from a year earlier, highlighting the country's rebounding domestic economy, the figures from the Ministry of Commerce showed.

The economy expanded by a hefty 8.6% year-on-year in the most recent financial quarter.

The strong import figures widened India's trade deficit to $11.3 billion in May, the highest level since November 2008.

"While we hope the growth trend will continue, the worrying aspect is the crisis in the euro zone economies, which is likely to affect our exports to those markets," said Federation of Indian Export Organizations president A. Sakthivel.

India's exports fell 4.8% in the last financial year as demand dried up among its main overseas customers due to the global economic slump.

Copyright Agence France-Presse, 2010

TAGS: Trade
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