New Delhi: For the 12th consecutive month, India’s merchandise exports registered a decline, falling as much as 24.43 percent in dollar terms to USD 20.01 billion in November, official trade data showed on Tuesday.
Imports during November also fell by 30.26 percent to USD 29.79 billion, due mainly to a major drop in the oil bill 44.99 percent at USD 6.44 billion on account of a persistent fall in global prices, the data released by the Commerce and Industry Ministry showed.
As a result, the trade deficit also fell sharply to USD 9.78 billion from USD 16.236 billion.
The country’s exports and imports were valued at USD 26.49 billion and USD 42.72 billion, respectively in November 2014. The oil bill for the month was USD 11.69 billion. Non-oil imports were lower in November this year by 24.7 percent at USD 23.36 billion against USD 31.02 billion.
Cumulatively, exports for the first eight months of this fiscal fell 18.46 percent at USD 174.30 billion against USD 213.77 billion, while imports were down 17.21 percent at USD 26.18 billion, against USD 31.62 billion. The trade deficit was valued at USD 87.54 billion against USD 102.51 billion.
Last week, Commerce and Industry Minister Nirmala Sitharaman said exports from India were dragging due to a global depression and hoped that the situation would improve soon.
“We have given support under MEIS (merchandise export India scheme). We have also announced the interest subvention scheme. So, I think, there will be an improvement on our exports soon,” the minister said.