Merchandise exports dip 20.2% in May 2015

Trade deficit narrows to US$ 10.41 billion in May 2015 over May 2014

India's merchandise exports dipped 20.2% to US$ 22.35 billion in May 2015 over a year ago. Meanwhile, merchandise imports declined 16.5% to US$ 32.75 billion. The trade deficit narrowed 7.4% to US$ 10.41 billion.

Oil imports plunged 41% to US$ 8.54 billion, while non-oil imports also declined 2.2% to US$ 24.21 billion in May 2015 over May 2014. The share of oil imports in total imports was 26.1% in May 2015, rising from the lowest level of the last 16-years of 20.7% in March 2015 and 22.5% in April 2015. India's basket of crude oil plunged 40.3% to US$ 63.82 per barrel in May 2015 over May 2014.

Merchandise exports in rupees declined 14.1% to Rs 142573 crore, while imports fell 10.2% to Rs 208965 crore in May 2015 over May 2014. The trade deficit was nearly flat at Rs 66392 crore in May 2015 compared with Rs 66628 crore in May 2014.

India's merchandise exports dipped 17.2% to US$ 44.40 billion, while merchandise imports fell 12.2% to US$ 65.80 billion in April-May 2015. The decline in imports was driven by 41.8% plunge in oil imports to US$ 15.98 billion. India's merchandise trade deficit rose to US$ 21.4 billion in April-May 2015 from US$ 21.3 billion in April-May 2014.

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