New Delhi, June 18 -- Merchandise exports grew 3.93 percent year-on-year to $29.99 billion in May. Imports were 7.76 percent higher at $45.35 billion during the month. While this moderate exports growth is a reflection of extremely modest growth in global trade, what is more concerning is the swelling crude import bill and increasing gold imports. Also, though some important sectors performed well during the month, but all is not well with our exports as the latest official figures show.
A look at the detailed data shows that some key sectors such as engineering goods, iron ore and leather products did well in May, but overall 13 out of 30 major product groups, including gems and jewellery, were in negative territory. Also, exports growth,...