India's export contraction slows down in May

Imports and Exports | | MIC Customs Solutions |

India saw a slowdown in the contraction of its export performance during May, prompting hopes that market performance will soon pick up.

New economic figures from India have indicated that its export performance saw an improvement in may compared to previous months.

The country's overall export figures fell by 0.79 per cent in May, while imports slipped 13.16 per cent, resulting in a trade deficit of $6.27 billion (€5.54 billion). It means the decline in exports has slowed considerably.

Indeed, merchandise exports for May contracted at their slowest pace in 18 months, while non-petroleum exports saw a positive performance, led by a pickup in demand for engineering goods, gems and jewellery.

Positive growth in Chinese exports helped to balance out waning momentum from the US, Europa and Japan, with the figures overall prompting hopes that the recent decline in exports has now passed its lowest point.

Commerce minister Nirmala Sitharaman told the Hindustan Times: "The pickup in exports may be slow and not rapid on the back of new markets. [But] I am glad to say that it is no longer going to be ‘Oh my god! What's happening to exports?’"