India's exports decline by 4.16 percent in May

New Delhi, June 14 (IANS) India's exports declined 4.16 percent in May to $25.68 billion as against $26.79 billion in the corresponding month of 2011, official data showed Thursday.

The imports also declined by 7.36 percent at $41.9 billion as well.

With the decline in imports, the trade deficit narrowed to $16.3 billion during May, from $18.5 billion a year ago.

The declines were mainly witnessed in sectors such as engineering goods (15.67 percent), gems and jewellery (9 percent), and readymade garments (15.82 percent).

As regards to imports during May 2012, gold and silver were down by 52 percent while electrical equipment registered a decline of 21 percent.

Earlier this month, the government had announced a number of measures like continuation of interest subvention to boost exports.