Merchandise exports in May contracted 20.19 per cent, reaching $22.34 billion compared with $28 billion a year ago in the same month. Exports registered a bigger fall in May as against April when it contracted 13.96 per cent.
Total exports in the first two months of the financial year through May also contracted 17.21 per cent at $44.40 billion compared with $53.63 billion in the corresponding period of last year, according to data released by the ministry of commerce and industry on Tuesday.
On the other hand, imports in May reached $32.75 billion, down 16.52 per cent compared with $39.23 billion last year in the same month.
However, compared to April, the trade deficit in May narrowed a tad to $10.40 billion compared with around $11 billion in April.
Total imports during April-May stood at $65.80 billion as against $74.95 billion in the same period last financial year, registering a fall of 12.21 per cent.
The total trade deficit widened to $21.39 billion during April-May compared with $21.32 billion in same period last financial year.
In May, oil imports fell 41 per cent reaching $8.53 billion, compared with $14.46 billion in May of FY15. During April-May, oil imports contracted 41.76 per cent to $16 billion compared with $27.44 billion in the same period in FY15.
Non-oil imports were also in the red. In May non-oil imports declined 2.24 per cent to $24.21 billion against $24.76 billion in May last year. But cumulatively, non-oil imports registered a positive growth of 4.86 per cent at $49.81 billion compared with $47.51 billion in the same period in the last financial year..
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