The exports dropped to $11.91 billion in February this fiscal from $15.22 billion a year ago, while imports were down by 23.3 per cent to $16.82 billion from $21.93 billion, leaving a monthly trade deficit of about $4.91 billion, according to official figures.
The exports contracted by 12.1 per cent to $12.8 billion in October 2008, showing a negative trend for the first time in the last five years.
For the April-February period, the country's exports grew marginally by 7.3 per cent to $156.59 billion. The growth for the first half of the fiscal was 30.9 per cent.
The imports between April and February went up by 19.1 per cent to $271.68 billion. The trade deficit for the period has mounted to $115.09 billion from $82.20 billion in the previous fiscal 2007-08.
With the US and several European countries slipping into full-blown recession, Indian exporters have run into difficult times, especially since October.