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of <h1>Trade Deficit Shrinks 27.8% to $137.5B; Exports Rise 4.1%, Imports Down 8.3% Amid Gold-Silver Import Cuts.</h1> The trade deficit significantly decreased by 27.8% to $137.5 billion, with a further 42.4% decline in the first quarter of FY 2014-15. Exports improved by 4.1%, reversing the previous negative growth of 1.8% in 2012-13, and achieved double-digit growth in May 2014 after six months. Imports dropped by 8.3% following a slowdown in FY 2012-13, with a continued decline of 13.2% in April-May 2014. Government measures led to a 40.1% reduction in gold and silver imports, totaling $33.4 billion in 2013-14.
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