New Delhi: India’s exports shrank in April for the seventh month in a row, this time by 33%, opening the fiscal 2009-10 on a negative note amid demand recession in major global markets like the US and Europe.
A sharp drop of 33% in export consignment to $10.79 billion in April 2009, over a year ago period was “expected ...with global slowdown and contraction of nine per cent (in) global trade,” commerce secretary GK Pillai told reporters on the sidelines of a FICCI function here on Thursday.
Pillai said the downward trend in exports, would continue for the next three-four months. “Then (exports) would pick up,” he said.
The commerce secretary said imports were also down by 32% in the opening month of the current fiscal.
However, the official data for April will be released on 1 June, giving details of exports, imports and the trade deficit.
Exports plunged by 33.3% in March, the most in over a decade, while the country’s exports aggregated $168.70 billion in the fiscal 2008-09, managing a paltry growth rate of 3.4%.
“India’s exports have been badly affected due to the ongoing economic and financial crisis,” the Confederation of Indian Industry said. However, 36% of the CII-Business Confidence survey expects the situation to improve in the first six months of the current fiscal.