India's exports declined by 1.1 per cent in December 2008, posting negative growth for the third month running under the impact of a slowdown in major global markets.
Exports dropped to $12.6 billion in December this fiscal, from $12.8 billion a year ago, while imports grew by 8.8 per cent to $20.2 billion, leaving a monthly trade deficit of about $7.56 billion, according to official figures released today.
Exports contracted by 12.1 per cent in October, showing a negative trend for the first time in the last five years.
For the April-December period, the country's cumulative exports grew by 17.1 per cent to $131.9 billion.
Growth for the first half of the fiscal was 30.9 per cent. Imports between April and December went up by 31.5 per cent to $225.8 billion. The trade deficit for the period has mounted to $93.81 billion from $58.98 billion.
With the US and several European countries slipping into full-blown recession, Indian exporters have run into difficult times, especially since October.
Concerns have been raised at large-scale job losses in several export-oriented industries like textiles, handicrafts, and gems and jewellery.
