India's exports fall by 29% in May

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.