New Delhi, Dec 15 (IANS) For the 12th consecutive month, India’s merchandise exports registered a decline, falling as much as 24.43 percent in dollar terms to $20.01 billion in November, official trade data showed on Tuesday.
Imports during November also fell by 30.26 percent to $29.79 billion, due mainly to a major drop in the oil bill 44.99 percent at $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 $9.78 billion from $16.236 billion.
The country’s exports and imports were valued at $26.49 billion and $42.72 billion, respectively in November 2014. The oil bill for the month was $11.69 billion. Non-oil imports were lower in November this year by 24.7 percent at $23.36 billion against $31.02 billion.
Cumulatively, exports for the first eight months of this fiscal fell 18.46 percent at $174.30 billion against $213.77 billion, while imports were down 17.21 percent at $26.18 billion, against $31.62 billion. The trade deficit was valued at $87.54 billion against $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.