Imports decline 15%, exports 6.6%, in October

India’s exports declined 6.6 per cent in October, extending the decline for the 13th month in a row, but the downward trend has slowed down amid some demand revival in overseas markets.

The pace of falling exports has slowed down also because of lower exports in the same month last year.

According to official foreign trade data released today, exports in October were valued at $13.19 billion, down from $14.13 billion during the same month last financial year.

Imports also continued to fall, at $21.9 billion, in October, down by 15 per cent from $25.8 billion in the comparable period.

As a result, trade gap narrowed further to $8.8 billion in the month from $11.7 billion in October 2008.

Exports started falling in October last year, following the deepening of the global financial crisis after the collapse of the US’ Lehman Brothers. This, coupled with a slowdown in developed markets, saw India’s exports taking a severe beating.

Exports fell a steep 39 per cent in May. The pace has narrowed since then, with October exports declining 6.6 per cent.

Analysts attribute the uptick to revival of some demand in the overseas markets and hoped the forthcoming Christmas festivities would further push Indian exports.