The trade deficit shrank 76.5 percent in May from a year earlier to ¥216.0 billion as declining crude oil prices continued to push down imports, the government said Wednesday.

But the trade balance remained in the red for the second consecutive month, due partly to slower growth in exports, which rose 2.4 percent from a year earlier to ¥5.74 trillion, smaller than an 8.0 percent expansion the previous month.

The value of imports dropped 8.7 percent to ¥5.96 trillion, down for the fifth straight month, reflecting decreased energy-related imports including crude oil and liquefied natural gas.