Page last updated at 11:11 GMT, Wednesday, 1 July 2009 12:11 UK

India's exports continue to fall

Spice warehouse
Spice traders hope exports will pick up

India's exports fell in May for the eighth month in a row as overseas demand for goods continued to shrink in the global recession.

Exports in May were valued at 534.3bn rupees ($11bn; £6.7bn), down 29.2% from 655bn rupees a year earlier, government figures showed.

Exports are a significant driver behind the Indian economy, making up about 15% of gross domestic product.

Imports shrank 39.2% to 786.8bn rupees from 1.1 trillion rupees a year ago.

The falling price of oil was a significant factor behind the decline in imports. Oil currently stands at about $70 a barrel - less than half of what it was last summer.

Oil imports in May were down 60.6% on the year. India imports about 75% of its oil.

India's trade deficit - the difference between imports and exports - halved to 252.5bn rupees from 533.2bn rupees a year earlier.

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