Rediff.com  » Business » India's exports fall by 29% in May

India's exports fall by 29% in May

Source: PTI
July 01, 2009 12:34 IST
Get Rediff News in your Inbox:
India's exports declined by 29.2 per cent in May - contracting for the eighth month in a row - over the same month last year as overseas shipments hit by the slowdown in major global markets like the US and Europe.

Exports dropped to $11.01 billion in May from $15.55 billion in the same month last year, according to the government data released on Wednesday .

Imports, too, dipped for the fifth straight month by 39.2 per cent to $16.21 billion in May over the year-ago month.

The trade deficit was $5.20 billion in May against $11.13 billion in May 2008. The exports plunged by 33.2 per cent to $10.74 billion in April from $16.08 billion in year ago period.

The exports during April-May period dipped by 31.2 per cent to $21.75 billion from $31.62 billion in the same period last year.

The overseas shipments grew by a meager 3.4 per cent to $168.7 billion in 2008-09 after hit by the global slowdown in the second half of the previous fiscal.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2021 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
SHARE THIS STORY 

Moneywiz Live!