Exports dip 4.17% to $22.2 bn in Nov

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

Exports in November 2011 stood at $23.2 billion. However, imports grew by 6.35 per cent to $41.5 billion in November, leaving a trade deficit of $19.28 billion.

During the April-November 2012-13*, the country's shipments have shrunk by 5.95 per cent to $189.2 billion. Imports during the period dipped by 1.58 per cent to $318.7 billion.

During the first eight months of this financial year, the trade deficit stood at $129.5 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.

Oil imports in November increased by 16.7 per cent year-on-year to $14.5 billion. Non-oil imports grew by 1.5 per cent to $27 billion. During April-November 2012, oil imports grew by 10.8 per cent to $110 billion from $99.3 billion in the corresponding period last year.

However, non-oil imports during the period dipped by 7 per cent year-on-year to $208.6 billion.

*An earlier version of this report from PTI had incorrectly mentioned the time frame as April-October. It has now been corrected to April-November.