Besides, signalling a slowdown in the domestic market, the imports declined as well by 7.36 per cent to USD 41.9 per cent in May 2012 from USD 45.2 billion year-on-year, Director General of Foreign Trade Anup Pujari told reporters.
With a sharp decline in imports, the trade deficit in May has shrunk to USD 16.3 billion from USD 18.5 billion year-on-year. After crossing the USD 300 billion mark last fiscal, India is looking at an export figure of over USD 360 billion in 2012-13.
Exports in April were USD 24.4 billion. The overseas shipments in April-May of 2012-13 now total 50.13 billion, as against 50.48 in the same period last fiscal.
Cummulative imports during the first two months of this fiscal were USD 79.8 billion, down 2.42 per cent from USD 81.87 billion in the same period of 2011-12.
Earlier this month, the government had announced a slew of measures like continuation of interest subvention to boost exports because of fragile global economy and problems in the euro-zone.