A long time after battling the high inflation and possible slowdowns, the economy sees some reasons to cheer as the exports have risen by 56.9% to $25.9 billion in May.

The reports have also confirmed that the county’s imports have risen by 54 % to $40.9 billion in May thereby succeeding in making its highest growth rate in the last four years. The data released by the commerce ministry on Friday has confirmed the above reports.

Also, it was highlighted that the country’s trade deficit has touched it’s in over two and a half years at $14.9 billion in May, reasons behind being the soared demand for oil, gold and capital goods, which resulted in an over 50% jump in imports.

According to the cumulative calculations, imports rose 33.3% to $73.7 billion and exports rose by 45 % to $49.7 billion between April and May 2011 over a year ago, whereas the trade deficit has amounted to $ 23.9 billion in the two month period.

“The import figures are on expected lines as oil prices were exceptionally high at the time. But the export data is particularly optimistic, especially as the industry was not considered to be in very good shape. It has helped offset the trade deficit to some extent as well”, said NR Bhanumurthy, an Economist at the National Institute of Public Finance and Policy.