Goods exports shrink, trade deficit narrows
India's goods exports experienced a slight contraction of 2.3% in May, mirroring a 2.8% dip in imports, leading to a reduced trade deficit of $21.9 billion. The decline in exports was primarily driven by falling oil prices, impacting petroleum product shipments, while imports decreased due to lower gold and crude oil prices.
India's goods exports experienced a slight contraction of 2.3% in May, mirroring a 2.8% dip in imports, leading to a reduced trade deficit of $21.9 billion. The decline in exports was primarily driven by falling oil prices, impacting petroleum product shipments, while imports decreased due to lower gold and crude oil prices.
