India May exports fall 36.47% to $19.05 bn, trade deficit down to $3.15 bn

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

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

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

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