Export declines for 18th straight month, seen at $22.17 bn in May | business | Hindustan Times
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Export declines for 18th straight month, seen at $22.17 bn in May

business Updated: Jun 15, 2016 20:33 IST
PTI
PTI
Export figures

Trade deficit in May narrowed to $6.27 billion from $10.4 billion in the same month last year.(HT Photo)

Declining for the 18th straight month in May, exports dipped by 0.79% to $22.17 billion due to slowdown in global demand.

Imports, too, contracted by 13.16% to $28.44 billion in the month under review as against $32.75 billion in May 2015.

Trade deficit in May narrowed to $6.27 billion from $10.4 billion in the same month last year.

“The decline in exports for India has slowed considerably,” the commerce ministry said in a statement while releasing the trade data.

Exports have been falling since December 2014 due to weak global demand and slide in oil prices.

During April-May 2016, the exports contracted by 3.74% to $42.73 billion. Imports during the period too fell by 18.15% to $53.85 billion, leaving a trade deficit of $11.11 billion.

Oil imports in May dipped by 30.45% to $5.93 billion. Non-oil imports too fell by 7.06% to $22.5 billion.