NEW DELHI – 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.
