India: Exports decline again in November
December 11, 2012
In November, exports contracted 4.2% over the same month the previous year in USD terms. The fall exceeded the 1.6% drop registered in October and represents the seventh consecutive decline in exports. As a result, in the 12 months up to November, exports contracted 4.6% over the same period the previous year (October: -3.7% year-on-year).
Meanwhile, imports expanded 6.4% in November, which was below the 7.4% rise recorded in October. As a result, the trade deficit reached USD 19.3 billion in November, driving the 12-month moving sum of the trade balance to a USD 195 billion shortfall, larger than the USD 192 billion recorded in October.
Amid the sluggish performance of the external sector, the government recently announced a plan to boost exports, but no specific details have been provided yet. India has set an export target of USD 360 billion for this fiscal year, although government officials have stated that this objective will be difficult to achieve.