Exports dip by 4.16 pc in May

New Delhi: India`s exports declined by 4.16 per cent year-on-year in May this year to USD 25.68.billion, mainly due to demand slowdown in the western markets.

In May 2011, the exports stood at USD 26.79 billion. During April-May 2012-13, the country`s shipments have contracted by (-)0.69 per cent to USD 50.13 billion from USD 50.48 billion in the same period last year, Commerce and Industry Ministry said in a statement today.

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

Cumulatively, during the first two months of the current fiscal, imports contracted by 2.42 per cent to USD 79.88 billion from USD 81.87 billion. Trade deficit during the period declined to USD 29.75 billion, from USD 31.38 billion in April-May 2011. While oil imports in May grew by 14.02 per cent to USD 14.98 billion, non-oil imports declined by 16.11 per cent to USD 26.95 billion.

During April-May 2012, oil imports rose by 10.51 per cent to USD 28.89 billion from USD 26.14 billion in the corresponding period last year. However, non-oil imports declined by 8.49 per cent to USD 50.99 billion.