Exports dip 4.17% to $22.2bn in November

India's exports in November contracted 4.17 per cent year-on-year, for the seventh month in a row, to USD 22.2 billion, due to slowdown in demand in
the US and European markets. Exports in November, 2011 stood at USD 23.2 billion.

However imports grew by 6.35 per cent to USD 41.5 billion in November, leaving a trade deficit of USD 19.28 billion. During the April-October 2012-13, the country's shipments have shrunk by 5.95 per cent to USD 189.2 billion. Imports during the period dipped by 1.58 per cent to USD 318.7 billion.

Commerce Secretary S R Rao said, "Hopefully by end of the week, the government will announce some support measures" to provide cushion to exporters.

The country's import bill has increased due to jump in petroleum imports, he added. During the first eight months of this financial year, the trade deficit stood at USD 129.5 billion.

Oil imports in November increased by 16.7 percent year- on-year to USD 14.5 billion. Non-oil imports grew by 1.5 percent to USD 27 billion.

During April-November 2012, oil imports grew by 10.8 percent to USD 110 billion from USD 99.3 billion in the corresponding period last year.

However, non-oil imports during the period dipped by 7 percent year-on-year to USD 208.6 billion.