India's exports declined by 9.9% in November 2008, posting negative growth for the second month running under the impact of a slowdown in major global markets.
Exports dropped to $11.5 billion in November this fiscal, from $12.7 billion a year ago while imports grew by 6.1% to $21.5 billion, leaving a monthly trade deficit of $10 billion, according to official figures released today.
Exports contracted by 12.1% in October, showing a negative trend for the first time in the last five years.
For the April-November period, the country's cumulative exports grew by 19.4% to $119.30 billion. Growth for the first half of the fiscal was 30.9%.
Imports between April and November went up by 33% to $203.64 billion. The trade deficit for the period has mounted to $84.34 billion from $53.19 billion.
With the US and several European countries slipping into full-blown recession, Indian exporters have run into difficult times, especially since October.
Concerns have been raised at large-scale job losses in several export-oriented industries such as textiles, handicrafts, and gems and jewellery.
