India’s exports in November contracted 4.17 per cent year-on-year for the seventh month in a row, to $22.2 billion, due to a slowdown in demand in the US and European markets. Exports in November 2011 stood at $23.2 billion.
However imports grew by 6.35 per cent to $41.5 billion in November, leaving a trade deficit of $19.28 billion.
During April-October 2012-13, the country’s shipments have shrunk by 5.95 per cent to $189.2 billion. Imports during the period dipped by 1.58 per cent to $318.7 billion.
Commerce Secretary S. R. Rao said, “Hopefully by the end of the week, the Government will announce some support measures” to provide a cushion to exporters.
The country’s import bill has increased due to a jump in petroleum imports, he added. During the first eight months of this financial year, the trade deficit stood at $129.5 billion.
Oil imports in November increased by 16.7 per cent year-on-year to $14.5 billion. Non-oil imports grew by 1.5 per cent to $27 billion.
During April-November 2012, oil imports grew by 10.8 per cent to $110 billion from $99.3 billion in the corresponding period last year.
However, non-oil imports during the period dipped by 7 per cent year-on-year to $208.6 billion.