India's exports declined by 29.2% 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 USD 11.01 billion in May from USD 15.55 billion in the same month last year, according to the government data released today.
Imports, too, dipped for the fifth straight month by 39.2% to USD 16.21 billion in May over the year-ago month.
Trade deficit was USD 5.20 billion in May against USD 11.13 billion in May 2008.
Exports plunged by 33.2% to USD 10.74 billion in April from USD 16.08 billion in year ago period.
The exports during April-May period dipped by 31.2% to USD 21.75 billion from USD 31.62 billion in the same period last year.
Overseas shipments grew by a meager 3.4% to USD 168.7 billion in 2008-09 after hit by the global slowdown in the second half of the previous fiscal.
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