May exports up 56.9% YoY: Govt

India's exports in May rose an annual 56.9% to USD 25.9 billion, while imports for the month rose 54.1% to USD 40.91 billion, government data released on Friday showed.

India's trade deficit in May stood at USD 15 billion, the highest since September 2008, as the country's demand for oil, gold and industrial machinery soared, prompting concerns the gap for the fiscal year could expand despite a strong rebound in exports.

India's exports grew a record 37.6% in the 2010/11 fiscal year that ended in March, as demand soared for engineering goods, oil products and gems manufactured in Asia's third-largest economy.