Exports decline, but in single-digits

The country’s merchandise exports continued their southward march, falling 6.6 per cent to $13.19 billion (over Rs 61,500 crore) in October, against $14.1 billion (Rs 65,775 crore) in the same month last year, when it declined by more than 12 per cent over 2007-08.

Exports have been in a free fall since October 2008. This was for the first time in more than a year that the fall had come down to single-digits.

Sectors where exports had seen a revival were petroleum products, drugs and pharmaceuticals, marine products, man-made fibres and spices. However, according to commerce and industry minister Anand Sharma, the government was conducting a sector-wise review currently and there may be a need for additional support in sectors that had not been able to revive despite stimulus measures. In May this year, the decline in exports was fast inching towards 40 per cent.