Exports fall 36.47% in May, trade deficit narrows to USD 3.15 billion

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Contracting for the third straight month, India's exports declined 36.47 per cent in May to USD 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 per cent to USD 22.2 billion in May, leaving a trade deficit of USD 3.15 billion, compared to USD 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 per cent to USD 29.41 billion, while imports shrank by 5.67 per cent to USD 39.32 billion.

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

Oil imports stood at USD 3.49 billion in May - 71.98 per cent lower compared to USD 12.44 billion in the same month last year.

Gold imports in May dipped 98.4 per cent to USD 76.31 million.