Exports continue to slide in April, May

India's merchandise exports declined 33.2% in April from a year earlier to US$10.74bn, the Commerce & Industry Ministry said. In rupee terms, exports were down 16.4% at Rs643.4bn. Imports fell by 36.6% to US$15.75bn in April while in rupee terms the same were down by 20.6% at Rs788.32bn. This takes the trade deficit for the month to US$5bn from US$8.75bn in April last year. Oil imports declined by a whopping 58.5% to US$3.63bn in April and non-oil imports fell by 24.6% to US$12.11bn. Meanwhile, media reports showed that merchandise exports have fallen by 30% in May, the eight straight month of decline. Quick estimates put out by the Commerce Ministry showed that May exports fell to US$10.8bn from US$15.5bn in the year-earlier period. Commerce & Industry Minister Anand Sharma said that there would be measures in the Union Budget and in the foreign trade policy, to be announced in August, to help alleviate some of the pain being felt the sector, the worst victim in India of the global recession.