"Indian exports were declining 12th consecutive month due to global depression" says Nirmala Sitharaman

Commercial and Industry Minister  Nirmala Sitharaman said exports from India were dragging due to global depression. She said the government has given support to Merchandise Export India Scheme (MEIS) and also interest subvention scheme and hoped that the situation will improve soon.

India's Imports & Exports

India's merchandise exports registered 12th month consecutive decline falling as much as $ 24.43% to $20.01% billion in November. As according to official trade data released by Commercial and industry Ministry on Tuesday Imports fell by $30.26% to  $29.79% billion due to mainly drop in oil bill $44.99% at $6.44% billion on account of persistent fall in global prices.The Trade deficit also fell sharply to $9.78 billion from $16.23 billion.

Earlier in November 2014 the exports and imports were valued at $26.49 billion and $42.72 billion  respectively and the oil bill was $11.69 billion in Nov 14.Non oil Imports was lowered this year compared to previous year by $24.7 % at $23.36 billion against $31.02 billions.