Gold and silver imports, during the month under review, grew by 89% to $8.39 billion
After growing for four consecutive months, India’s exports contracted by 1.1% year-on- year in May to $24.5 billion compared to $24.77 billion in May last year.
Imports grew by 6.99% to $44.65 billion during the period, leaving a high trade deficit of $20.1 billion.
“High trade deficit is worrisome. It is high because of increase in gold and silver import,” commerce secretary SR Rao told reporters.
Gold and silver imports, during the month under review, grew by 89% to $8.39 billion.
However, exports during April-May 2013 grew by 0.21% to $48.67 billion. Imports during the period were up by 8.88% to $86.6 billion.
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