India’s exports fall 4.16 per cent in May

India’s exports fall 4.16 per cent in MayThe merchandise exports from the country fell by about 4.16 per cent during the month of May to $25.68 billion amid a global economic slowdown marred by the eurozone debt crisis and slowing growth in major economies.

The exports had grown 3.2 per cent in April and by 21 per cent during 2011-12 financial year. India's GDP growth has fallen to its lowest level in 9 years to 5.3 per cent for the fourth quarter of the financial year till March 2012. The GDP growth for the same quarter of 2010-11 was 9.2 per cent, showed the latest data announced by the government.

Petroleum products, engineering goods, readymade garments, and gems and jewellery, which are the four major export items, contributed to the fall in the total exports from the country. Export of petroleum products fell by as much as 26.1 per cent in May at $4.07 billion.

The exports of engineering goods fell by 15.6 per cent to $4.8 billion, readymade garments exports declined 5.8 per cent to $1.03 billion, while gems and jewellery exports recorded a fall of $3.6 billion.

On the other hand, drugs and pharmaceuticals exports recorded a healthy growth of 10.5 per cent to at $ 1.09 billion in the month.