India’s Exports Dip 21.7% to 13-Year Low.

NEW DELHI - India’s exports fell by 21.7 % in February, the lowest in 13 years, owing to a continued lack of demand for goods in the West - most of which is battling recession.

The country’s imports too dipped by 23.3% during the month under review, making it the second consecutive fall, official data released April 1 showed. Exports dipped to $11.91 billion in February from $15.22 bln in the corresponding period last year. Imports declined to $ 16.82bln from $ 21.93bln, which as a result narrowed the trade deficit to $ 4.91 billion from $ 6.1 billion January. “We expect that the total exports in 2008-09 would touch $ 167-168bln. In 2009-10, we expect the exports growth rate would be 5% and would touch $ 175 billion against the target of $ 200 bln,” Federation of Indian Export Organizations President A Sakthivel said.