New Delhi, July 1 (IANS) India’s merchandise exports continued to suffer a setback this fiscal to register a decline for the second straight month with the value of shipments 29.2 percent lower at $11.01 billion in May over the same month of last fiscal.
Merchandise exports had dipped 33.2 percent to $10.74 billion in April, while in May last year, they were valued at $15.55 billion, as per latest data on foreign trade released here Wednesday by the commerce and industry ministry.

Cumulatively, the exports during the first two months of this fiscal were valued 31.2 percent lower at $21.75 billion, against $31.63 billion in the corresponding two months of the previous fiscal, the data showed.

The country’s imports, too, declined in May and were valued 39.2 percent lower at $16.21 billion against $26.68 billion in the like month of the previous fiscal. The value of imports for the first two months was 38 percent lower at $31.96 billion against $51.51 billion.

Accordingly, the trade deficit for the April-May period was estimated at $10.21 billion, which was lower than the deficit of $19.88 billion registered during the like period of the previous fiscal.

The statistics further revealed that oil imports during May was 60.6 percent lower at $4.135 billion against $10.5 billion in the same month last year, while the cumulative figure for April-May was 59.6 percent lower at $7.77 billion against $19.24 billion.

Non-oil imports, too, was lower during the month, down 25.4 percent at $12.08 billion against $16.19 billion, while the cumulative value for April-May was down 10 percent at $24.19 billion against $32.26 billion.