India's services exports flat at $13.5bn in May, imports up 4%

With goods imports outpacing exports in June, trade deficit for the month widened to $12.95 billion, according to data released by the commerce ministry on Friday.

However, imports in June jumped 19% to $36.5 billion.

The slowdown in export growth over the last four months, from 27.59 per cent in March and 20 per cent in April to 8 per cent in May and 4.39 per cent in June, has exporters anxious. However, the deficit narrowed from a 30-month high of $13.8 billion in May.

However, services imports by India rose by 4 per cent to United States dollars 7.92 billion during the month under review from USD 7.62 billion a year ago.

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Exports rose in June, growing 4.4 per cent to $23.5 billion compared to the same month a year ago.

"The global Brent prices ($/bbl) have decreased by 3.28 per cent in June 2017 vis-vis June 2016 as per World Bank commodity price data", the statement said.

The data revealed that non-petroleum and non-gems and jewellery exports in June increased to 6.02 per cent to $17.48 billion against $16.48 billion reported for June 2016. Gold imports have been on the rise since February after a slowdown during demonetisation. Oil imports, like gold, have been rising throughout the year.

A rise in import shot up the country's trade deficit to United States dollars 12.96 billion in the month under review from USD 8.11 billion in June 2016, the data released by the Commerce Ministry showed.

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