Imports too dipped by (-)7.36% in May to $41.94 billion, leaving a trade deficit of $16.26 billion

New Delhi: India’s exports declined by 4.16% year-on-year in May 2012 to $25.68.billion, mainly due to demand slowdown in the western markets.

In May 2011, the exports stood at $26.79 billion.

During April-May 2012-13, the country’s shipments have contracted by (-)0.69% to $50.13 billion from $50.48 billion in the same period last year, the commerce and industry ministry said in a statement on Monday.

Imports too dipped by (-)7.36% in May to $41.94 billion, leaving a trade deficit of $16.26 billion.

Cumulatively, during the first two months of the current fiscal, imports contracted by 2.42% to $79.88 billion from $81.87 billion. Trade deficit during the period declined to $29.75 billion, from $31.38 billion in April-May 2011.

While oil imports in May grew by 14.02% to $14.98 billion, non-oil imports declined by 16.11% to $26.95 billion.

During April-May 2012, oil imports rose by 10.51% to $28.89 billion from $26.14 billion in the corresponding period last year.

However, non-oil imports declined by 8.49% to $50.99 billion.