India’s Exports slipped by 4.16 Per Cent to 25.68 Billion Dollar in May 2012

4th July 2012

According to the latest foreign trade data released by the Union Commerce Ministry, on 2 June 2012, India’s exports slipped by 4.16 percent to 25.68 billion dollar in May 2012. The slump was largely attributed to sluggish global economic outlook and declining domestic industrial growth.

Imports during the May 2012, also saw a sharp plunge of 7.36 per cent to 41.9 billion dollar. The trade deficit also contracted to 16.3 billion dollar in May, from 18.5 dollar in May 2011.

On exports front petroleum products with -26.07 per cent, engineering products with -15.67 per cent, gems and jewellery with -9 per cent and readymade garments with -15.82 per cent saw maximum decline. In the import segment, gold and silver witnessed a fall of around 51 per cent, while plant and machinery nosedived by 8 per cent. Imports of crude oil, however, saw a 14 per cent hike.






On a collective basis the imports in the first two months of fiscal year 2012-13 slipped by 2.42 per cent to 79.8 billion dollar while, the exports contracted by 0.69 per cent to 50.13 billion dollar during April to May, 2012.

The declining trade number came against the backdrop of government’s ambitious 20 percent growth target in exports for the fiscal year 2012-13. The Union Government in its recently announced Foreign Trade Policy had vowed to achieve 20 per cent exports target for the fiscal year 2012-13. The Union Commerce Ministry in its trade policy, had also introduced a host of measures to boost exports of the country.