India’s Trade Deficit falls by 8 percent at $10.41 billion in May

India’s trade deficit in May registered a three-month low at $10.41 billion — nearly 8 percent lower than the figure for the same month last year at $11.24 billion, commerce ministry data showed on Tuesday.

Exports shrank by over 20 percent in May to $22.34 billion, continuing the declining trend for the sixth straight month, caused by the global economic slowdown, fall in crude oil prices and appreciation of the rupee.

The country’s exports in May 2014 stood at $27.99 billion. Imports, too, declined 16.52 percent to $32.75 billion.

Oil imports dropped 40.97 percent in May to $8.53 billion. Non-oil imports also fell by 2.24 percent to $24.21 billion.

Gold imports, however, grew 10.47 percent to $2.42 billion in May.

India posted exports of $310.5 billion in 2014-15, that fell short of the fiscal’s export target of $340 billion. (IANS)