India’s Exports dropped by 4.16 Per Cent at 25.68 Billion Dollar in May 2012

As per the export-import data released by the Commerce Ministry on 14 June 2012, India's export dropped by 4.16 per cent at 25.68 billion dollar in May 2012. The falling exports figure was largely attributed to slump in global demand of goods and contracted industrial growth in the country. Imports also registered a decline of 7.36 per cent at 41.9 billion dollar. The trade deficit figure also shrank to 16.3 billion dollar during the May 2012, from 18.5 billion dollar in May 2011.

On the export side petroleum products, engineering goods, gems and jewellery, and readymade garments witnessed a slump, while on the import front, gold and silver was down by about 51 per cent, while plant and machinery dropped by 8 per cent. However, imports of crude oil were up 14 per cent.

Gloomy economic outlook in the western countries, particularly in eurozone economies, which had been a conventional market for Indian goods, badly hurt the exports of the country.