Export declines for 18th straight month, seen at $22.17 bn in May

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

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

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

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.