Exports in May 2011 jumped an all-time-high 57 per cent to $25.9 billion on the back of increasing exports of engineering goods, electronics, drugs and petroleum, among others.
However, imports also rose by a staggering 54.1 per cent to $40.9 billion due to rising prices of petroleum, widening the trade deficit to $15 billion in May.
"I am sure we will continue with strong performance so that current account deficit can be kept manageable," Commerce and Industry Minister, Mr Anand Sharma, said. On the rising import, the Minister added that since India is a major importer of petroleum products, the situation needs to be watched carefully.
Calling it a matter of concern, Commerce Secretary, Dr Rahul Khullar said the trade gap is much larger than it had been in the last 2-3 years, "...but I should be ready for the eventuality that this (trade gap) may turn out to be a feature for the next couple of months... if it is a recurrent feature for the next couple of months then I have to be concerned," he said.
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