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India exports contract 20.2% in May
June 16, 2015, 6:03 am

Trade deficit narrowed to $10.4 billion in May against $11.2 billion in the same month a year ago [Xinhua]

Trade deficit narrowed to $10.4 billion in May against $11.2 billion in the same month a year ago [Xinhua]

India’s exports contracted 20.2 per cent to $22.3 billion in May, down for the sixth straight month, the Indian Commerce Ministry said on Tuesday.

Trade deficit narrowed to $10.4 billion in May against $11.2 billion in the same month a year ago.

Imports fell 16.52 per cent from a year earlier to $32.75 billion in May, said official figures released in New Delhi.

India’s farm economy could contract this fiscal year for the first time in over a decade because of drought, threatening Indian Prime Minister Narendra Modi’s plans to bolster the economy.

Agricultural output accounts for about 16 per cent of India’s economy.

The Indian central bank is looking for 7.6 per cent growth this year, having just cut its forecast from 7.8 per cent.
Source: Agencies