New Delhi: India’s exports declined by around 10% in November, showing a negative trend for the second month in a row this year, following a recession in the US and several other European markets.
Although the government is yet to officially release the November figures, exports showed a almost a double-digit decline on lack of demand in most of the buying markets, sources said.
Following the global financial meltdown, the country’s exports for the first time after a gap of seven years dipped by over 12% in October.
India has been facing the ripple effects of the global financial turmoil, which has resulted in slowdown of country’s exports.
Several developed markets including the US, the UK, Japan and other countries in the Eurozone, which are India’s major export destinations, are officially in recession.
The government and the RBI have taken several steps including making available cheap credit to exporters, to boost the sector.