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Exports in May shrank 4.16 per cent to $25.7 billion, mainly due to demand slowdown in Europe and the US, as well as problems in domestic manufacturing output.
Imports fell by 7.36 per cent to $41.9 billion, according to the data released on Monday by the Commerce Ministry. This was due to a fall in non-oil imports, including machinery.
Trade deficit in May narrowed to $16.2 billion from $18.4 billion in May 2011.
Exports during April-May 2012 contracted 0.69 per cent to $50.13 billion, while imports during the period registered a negative 2.42 per cent growth to $79.9 billion.
Oil imports during May rose 14.02 per cent to $14.9 billion, while oil imports during April-May 2012 jumped 10.51 per cent to $28.9 billion.
Non-oil imports, including capital goods, during May were $26.9 billion, which was 16.11 per cent lower than these imports in May 2011. Non-oil imports during April-May 2012 fell 8.49 per cent to $50.99 billion. The trade deficit for April- May 2012 was $29.7 billion, lower than $31.4 billion during April-May 2011.
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