The process of decline in exports has not stopped. In November 2019, the country exported $ 25.98 billion, which is 0.34 percent less than the exports of $ 26.07 billion in the same month of the previous year. In the first eight months of the current financial year, exports have fallen by almost two percent. According to data released by the Ministry of Commerce and Industry, exports amounted to $ 211.93 billion during April-November 2019. Whereas in the same period of last financial year, the country had exported $ 216.23 billion.

Along with exports, there has also been a sharp decline in imports. Imports fell 12.71 per cent to 38.11 per cent in November 2019 from USD 43.66 billion in the same month last year. Similarly, during April-November 2019, imports of $ 318.78 billion fell by 8.91 percent.

The deficit in foreign trade has also come down due to a sharp decline in imports. In November, it stood at $ 12.12 billion, compared to $ 17.58 billion in the same month last year. Similarly, during April-November period it has come down from $ 133.74 billion in last year to 106.64 billion dollars. Both exports and imports of petroleum products and crude oil declined in November 2019. During this period, the export of petroleum products decreased by 13.12 percent compared to the same period last year. However, imports of crude oil and other petroleum products declined by 18.17%. Similarly, transport equipment and project goods also registered a decline of 48.53 and 57.64 per cent in November.

Also Read:

China and US agree on first phase of trade deal

Moody's and DBS cut off country's GDP growth estimates

Reduction in Petrol Price; know rates in metro cities

Suspense over Union Budget 2020 debt ends, Here's how it will be improved