NEW DELHI, July 2 (Reuters) - India’s exports fell 4.16 percent year-on-year to $25.68 billion in May, while imports fell 7.36 percent year-on-year to $41.9 billion, government data showed on Monday.
May’s trade deficit was $16.3 billion, while oil imports rose 14.02 percent year-on-year to $14.99 billion, data showed.
Exports from April to May were at $50.14 billion.
Indian exports increased by more than 20 percent to $303.7 billion in the last fiscal year. But a slowdown in major export destinations hit by financial turbulence especially in Europe has slashed demand for Indian goods, officials say. (Reporting by Matthias Williams; Editing by Rajesh Kumar Singh)