India's exports declined 4.16 percent to $25.68 billion in May due to a slowdown in global demand, a statement released by the Ministry of Commerce and Industry said Monday.
The exports declined from $26.78 million in May 2011 to $25.68 million in May 2012.
The cumulative value of exports for the period April-May 2012 -13 was U.S. $ 50136.76 million as against U.S. $ 50.49 billion registering a negative growth of 0.69 per cent over the same period last year, the statement said.
The country's imports in May last dipped 7.36 percent to $41.95 billion on year-on-year basis. The total value of imports for the period of April-May 2012-13 was U.S. $79.89 billion as against U.S. $81.87 billion over the same period last year.
The trade deficit narrowed to $ 16.2 billion compared to $18.4 billion in the same period in the previous year. The trade deficit in April-May 2012-13 stood at U.S. $29.75 billion, which was lower than the deficit of U.S. $ 31.38 million during the same period in the previous year.
Commerce Secretary S R Rao said that the exports declined on a sluggish demand due to the euro zone crisis.
Oil imports grew 14.02 percent to $14.98 billion in May, but the non-oil imports declined 16.11 percent to $26.95 billion in the same period.