January exports fall 16% yoy

India's merchandise exports fell 16% in January over the same period a year earlier, as recession in the key overseas markets - the US and EU - continued to depress demand for its products, data released by the Government showed. January exports stood at US$12.38bn while imports declined by 18% to US$18.46bn, translating into a trade gap of US$6.08bn versus US$7.85bn in the year-ago period, the Commerce & Industry Ministry said in a statement. This was the fourth straight month of decline in merchandise exports, and also the worst since May 1998, when overseas sales fell 17.22%. Exports were down 1.1% in December, 9.9% in November and 12.1% in October. In the Indian rupee terms, exports were up 4.3% over the value of exports during January 2008, while imports increased by 1.4%. Meanwhile, media reports said that exports fell by 13% in February while imports declined by around 18%, according to quick estimates released by the Government. If India is to hit its revised export target of US$175bn for this fiscal year - recently lowered from the original US$200bn - exports need to grow by 18% in March.