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India's exports plunge 29.2 percent in May

India's exports plunge 29.2 percent in May

India's exports fell by nearly a third in May, the eighth straight month of declines, as overseas demand withered.
Merchandise exports were valued at 534.3 billion rupees ($11.0 billion), up slightly from April, but down 29.2 percent in dollar terms from 655.0 billion rupees ($15.5 billion) a year earlier, according to government figures Wednesday.
Imports also plunged, shrinking 39.2 percent in dollar terms to 786.82 billion rupees ($16.2 billion), from 1.1 trillion rupees ($26.7 billion) a year earlier.
The falling cost of oil drove that decline, with oil imports for the month 60.6 percent lower, at $4.1 billion. India imports about three quarters of its oil.
As a result, India's trade deficit for the months of April and May was $10.2 billion, down from $19.9 billion during the same months last year.
Merchandise exports account for about 15 percent of India's gross domestic product, far less than China but still a significant driver for Asia's third-biggest economy.


Updated : 2021-06-14 17:57 GMT+08:00