India's exports plummeted 33 per cent in April, extending the slump for the seventh month in a row and into fiscal 2009-10 as recession in major economies like the US and Europe continued to curb demand, official sources said today.
The government expects the country's exports to fall to $10.79 billion in April this year – down 33 per cent from a year-ago period, commerce secretary G K Pillai said, adding that a similar trend was noticed in imports also, which fell 32 per cent in the first month of the current fiscal (2009-10).
Speaking to reporters on the sidelines of a FICCI function in Mumbai, Pillai said the decline was expected with a nine per cent contraction in global trade compared to the year-ago period.
Pillai said India's exports are expected to rebound once the downward trend is arrested over the next three-four months.
Official trade data for April, giving details of exports, imports and the trade deficit, will be released on 1 June.
India's exports fell 33.3 per cent in March, pulling the country's aggregate exports down to $168.70 billion in fiscal 2008-09 against an earlier projection of $200 billion.