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-November this fiscal, the country's shipments have shrunk by 5.95 per cent to USD 189.2 billion. Commenting on export slump, Commerce Secretary S R Rao said although the shipments are declining, the contraction has been slightly arrested during the first eight months of the fiscal. During April-October period, exports were down by 6.18 per cent.
"There has been a slight improvement...hopefully the government is now coming out with a new package for boosting exports in the last quarter which the minister (Commerce Minister Anand Sharma) will be announcing towards the end of the week," Rao told reporters here.
He also hoped that in the last quarter of the fiscal (January-March), the exports performance will pick up. The secretary added that the continuous rise in crude oil imports has pushed the import bill to USD 318.7 billion during April-November 2012. "What is distressing is increased demand in petroleum products.
Crude oil imports continue to be very high," he said adding it is a cause of worry as it impacts current account deficit. Oil imports in November increased by 16.7 per cent year- on-year to USD 14.5 billion. Non-oil imports grew by 1.5 per cent to USD 27 billion.