If March and April were bad months for exports, May was no better. India’s exports once again fell massively by 29.2 per cent in May over the corresponding month last year. Total exports for May were valued at $11 billion, down from over $15.5 billion in May last year. The cumulative fall in exports for April and May has been 31.2 per cent over the corresponding period last year.

Imports too fell sharply by about 40 per cent to $16.2 billion, from about $26.7 billion last May. Of this, oil imports amounted to $4.1 billion, falling more than 60 per cent over last year due to the stark contrast in international prices of crude oil between then and now.

Non-oil imports, on the other hand, which have also been falling for a few months now, also fell 25.4 per cent to about $12.1 billion, down from about $16.2 billion last May. With such a sharp fall in imports, the trade deficit, too, automatically fell more than half to $5.2 billion from just over $11.1 billion in May last year.

The government had so far maintained the stand it they would be able to restrain the decline in exports by September but it took a more sombre view of the situation today with the commerce secretary saying that there are no signs of a recovery yet. Speaking to reporters here, commerce secretary Rahul Khullar said, “Of course, it (the continuous decline in exports) is a matter of concern... (overall) there are no signs of revival in the export demand yet.”

... contd.