India’s exports have fallen by 33.2% in April, from the same month of last year, due to the global economic crunch. Exports dipped 33.3% in March. These are the worst two months for Indian exports in the past 14 years.

The exports fell for the seventh consecutive month from $16.1 billion in April 2008 to $10.7 billion in April 2009. The slow-down in imports resulted in the trade deficit of $5 billion in April 2009. This has come down from $8.8 billion in April 2008.

Owing to 58% dip in oil import bill, overall imports declined by 36.6%. Jyotiraditya Scindia, the newly appointed Minister of State for Commerce said the target for 2009-10 would be a flat growth in exports.

The exports started showing a decline since October last year after the world came under the affect of severe economic crunch. It had registered a growth rate of about 30% in the first six months of 2008-09.

G K Pillai, Commerce Secretary, said the decline would persist until September. Oil imports dipped to $3.6 billion, a 58.5% decline, in April, because of the reduction in the prices of crude. Other inbound shipments too dropped by 24.6%.

However, there are some positive signals of improvement in exports. The Federation of Indian Export Organisations said there are new orders for exports as the stocks with the foreign buyers are getting depleted.