Declining for the 18th straight month in May , exports dipped by 0.8% to $22.2 billion due to slowdown in global demand.
Imports contracted by 13.2% to $28.4 billion in the month under review as against $32.6 billion in May 2015.Trade deficit in May narrowed to $6.3 billion from $10.4 billion in the same month last year.
CII said that the uncertainty in the global economy will continue to persist and there is no sign of leap frog growth in global demand.
Exports have been falling since December 2014 due to weak global demand and slide in oil prices. However, since December last year, the pace of contraction is slowing down.During April-May 2016, exports contracted by 3.7% to $42.7 billion. Imports during the period fell by 18.2% to $53.85 billion, leaving a trade deficit of $11.11 billion.
Imports contracted by 13.2% to $28.4 billion in the month under review as against $32.6 billion in May 2015.Trade deficit in May narrowed to $6.3 billion from $10.4 billion in the same month last year.
CII said that the uncertainty in the global economy will continue to persist and there is no sign of leap frog growth in global demand.
Exports have been falling since December 2014 due to weak global demand and slide in oil prices. However, since December last year, the pace of contraction is slowing down.During April-May 2016, exports contracted by 3.7% to $42.7 billion. Imports during the period fell by 18.2% to $53.85 billion, leaving a trade deficit of $11.11 billion.
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