Economics & Business

India’s exports drop nearly 10 per cent in November

NEW DELHI: India’s exports fell by 9.9 per cent in November, posting a decline for the second month running amid a slowdown in major global markets, government data showed Thursday. Exports dropped to 11.5 billion dollars in November 2008 compared to 12.7 billion dollars in the corresponding period a year ago, according to the official figures.

At the same time, imports grew by 6.1 per cent to 21.5 billion dollars, resulting in a monthly trade deficit of 10 billion dollars. With the United States and several European countries slipping into recession, Indian exporters are facing tough times, particularly since October.

India’s exports declined 12.1 per cent in October – the first fall in seven years – owing to weak demand from the main markets in the US and Europe. Between April and November 2008, the country’s cumulative exports grew by 19.4 per cent to 119.30 billion dollars. Growth for the first half of the Indian financial year (beginning April 1) was 30.9 per cent.

Imports between April and November went up by 33 per cent to 203.64 billion dollars. The trade deficit for the period has risen to 84.34 billion dollars from 53.19 billion dollars.-SANA

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Noreen Gill

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