In May, exports down but imports up
Posted on: 18/Jun/2013 2:59:38 PM
After being on a high for four consecutive months, exports from India went down by 1.1 per cent in May. Imports, however, went up by 7 per cent in the month.
Says Commerce Secretary S.R. Rao, ‘As far as trade deficit is concerned, it is very worrisome. It is largely contributed by heavy imports of gold and silver… Decline in exports was also due to the steps taken by the government to restrict gold trading in special economic zones (SEZs). Gold exports from SEZs in May declined by $0.8 billion. Gold trading in SEZs is hitting India’s exports. Hopefully from June, exports will bounce back as gold trading activities have started in SEZs.’
