India Exports Fall 36.47 Percent, Imports Down By 51 Percent In May

Contracting for the third straight month, India’s exports declined 36.47 percent in May to $19.05 billion, mainly on account of drop in shipments by key sectors such as petroleum, textiles, engineering, gems and jewellery.

Imports too plunged 51 percent to $22.2 billion in May, leaving a trade deficit of $3.15 billion, compared to $15.36 billion in the same month previous year, according to the data released by the Commerce and Industry Ministry.

During April-May 2020, the exports fell 47.54 percent to $29.41 billion, while imports shrank by 5.67 percent to $39.32 billion.

Trade deficit stood at $9.91 billion during the two months of the current fiscal.

Oil imports stood at $3.49 billion in May – 71.98 percent lower compared to $12.44 billion in the same month last year.

Gold imports in May dipped 98.4 percent to $76.31 million.