India's trade deficit grew by 45 percent in May to 6.21 billion dollars compared with last year as imports leapt thanks to a rapidly growing economy, according to data released on Monday. The deficit, which was swelled by non-oil goods, was up from 4.26 billion dollars in the same month in 2006.
Imports climbed by 26.4 percent to 18.07 billion dollars in May from a year earlier while exports jumped 18 percent to 11.86 billion dollars, data showed. Imports have been climbing on the back of a fast-expanding economy. India's economy posted 9.4 percent growth in the last financial year to March, the fastest pace in nearly two decades.
The trade deficit stood at 7.06 billion dollars the previous month after rising from 3.80 billion in March, the Ministry of Commerce and Industry said Export growth was slower in May compared to the 23.06 per cent year-on-year growth achieved last month earlier.
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