Ministry of Commerce has come up with International trade numbers and Indian exports has grown sharply by 3.93% to 30$ billion led by healthy growth in pharmaceutical, chemicals and engineering sectors while Imports rose by 4.31% to 5.35$ billion.
Indian services sector exports has seen a sharp rose of 2.8% to 18.06$ billion in May in contrary to the lesser numbers delivered in April which stood at 17.56$ billion.
Oil imports expanded to 8.23% while non-oil imports number stretched by 2.9% to 32.91$ billion in May. Precious metal rode by 37.43% to 4.78 billion.
As exports in May rose by 22.37% to $56 billion and Imports are expanded by 4.39% to 86.75$ billion, Balance of Payments deficit (excluding unilateral transfers and official reserves account) is registered to 30.69$ billion.
Observation: Bulging Net Imports and trade deficit could have a lot of pressure on the domestic currency on Monday and the Indian rupee could depreciate against the green currency. As the exports in pharmaceutical and chemicals sector grew, investors could take related companies into account for channelize their funds.