India's trade deficit narrows to $3.15 billion in May

India's trade deficit narrowed to $3.15 billion in May from $15.36 billion a year ago, mainly on account of drop in shipments by key sectors such as petroleum, textiles, engineering, gems and jewellery. Exports in the same month stood at $19.05 billion, while imports were seen at $22.2 billion, according to commerce ministry data released on Monday.

The exports fell 36.5 per cent and imports fell 51 per cent in the month, the data showed. They have contracted for the third straight month now. The trade deficit was at $6.76 billion last month.

In April, merchandise exports contracted by a record 60.28 percent to $10.36 billion amid the coronavirus lockdown. Imports too tumbled by 58.65 percent to $17.12 billion in April from $41.4 billion in the corresponding period of last year.

Trade deficit stood at USD 9.91 billion during the two months of the current fiscal.Oil imports stood at USD 3.49 billion in May - 71.98 per cent lower compared to USD 12.44 billion in the same month last year. Gold imports in May dipped 98.4 per cent to USD 76.31 million.

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