Declining for the 18th straight month in May, exports dipped by 0.79 per cent to USD 22.17 billion due to slowdown in global demand.
Imports, too, contracted by 13.16 per cent to USD 28.44 billion in the month under review as against USD 32.75 billion in May 2015.
Trade deficit in May narrowed to USD 6.27 billion from USD 10.4 billion in the same month last year.
“The decline in exports for India has slowed considerably,” the commerce ministry said in a statement while releasing the trade data.
Exports have been falling since December 2014 due to weak global demand and slide in oil prices.
During April-May 2016, the exports contracted by 3.74 per cent to USD 42.73 billion. Imports during the period too fell by 18.15 per cent to USD 53.85 billion, leaving a trade deficit of USD 11.11 billion.
Oil imports in May dipped by 30.45 per cent to USD 5.93 billion. Non-oil imports too fell by 7.06 per cent to USD 22.5 billion.
