Merchandise exports from the country dipped 20.19 per cent to $22.35 billion in May, as the contraction in exports continued for the sixth month in a row amidst a lack of import demand and a dip in crude oil prices that impacted overseas shipments of petroleum products.
The last time India's exports recorded positive growth was in November last year when it expanded 7.27 per cent.
India's exports during May 2015 were valued at $22.35 billion (Rs142,572.92 crore) against imports valued at $32.75 billion (Rs208,965.06 crore), showing a deficit of $10.40 billion during the month.
Trade deficit for the first two months of the financial year (April-May 2015-16) stood at $21.40 billion against a deficit of $21.32 billion during April-May 2014-15.
While the value of India's oil imports declined by over 40 per cent, a spike in gold imports whose value rose 10.7 per cent to $2.42 billion in May, might have in part helped to push up trade deficit.
Exports during May 2015 were valued at $22.35 billion (Rs142,572.92 crore), which was 20.19 per cent lower in dollar terms and 14.14 per cent lower in rupee terms compared to the level of $28.00 billion (Rs166,045.09 crore) during May 2014.
Cumulative exports for the period April-May 2015-16 stood at $44.40 billion (Rs280,973.36 crore) against $53.63 billion (Rs320,763.69 crore) in April-May 2014-15, registering a negative growth of 17.21 per cent in dollar terms and a 12.40 per cent decline in rupee terms over the same period last year.
Imports during May 2015 were valued at $32.75 billion (Rs208,965.06 crore), which was 16.52 per cent lower in dollar terms and 10.19 per cent lower in rupee terms over the level of imports valued at $39.23 billion (Rs232,672.72 crore) in May 2014.
Cumulative imports for the period April-May 2015-16 stood at $65.80 billion (Rs416,345.69 crore) against $74.95 billion (Rs448,266.65 crore) in April-May 2014-15, registering a negative growth of 12.21 per cent in dollar terms and a 7.12 per cent fall in rupee terms over the same period last year.
Oil imports, the largest single item in the country's import basket, were valued at $8.54 billion in May 2015, which was 40.97 per cent lower than oil imports valued at $14.46 billion in the corresponding period last year.
Oil imports during April-May 2015-16 were valued at $15.98 billion, which was 41.76 per cent lower than the oil imports worth $27.44 billion in the corresponding period last year.
Non-oil imports during May 2015 were estimated at $24.21 billion, which was 2.24 per cent lower than non-oil imports of $24.77 billion in May 2014. Non-oil imports during April-May 2015-16 were valued at $49.82 billion, which was 4.86 per cent higher than the level of such imports valued at $47.51 billion in April-May 2014-15.