November exports down 10% yoy

India's merchandise exports fell for a second month in a row in November, as recession in the country's leading trading partners - the US and the UK and EU - led to lower demand for its products. Indian exports declined in October, marking the first monthly fall in five years. Exports during November 2008 were down 9.9% at US$11.5bn while imports too slowed sharply to US$21.57bn, up only 6.1% over the same month last year after crude oil prices collapsed from a record high. Imports had been growing at a brisk pace till October. As a result, the trade deficit for the month stood at US$10.07bn as against US$7.56bn in November 2007. The trade deficit had reached a high of US$13.94bn in August mainly on account of high crude oil prices. In rupee terms, exports were up 12% at Rs563.74bn, while imports increased by 31.8% to Rs1.05 trillion.