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India's exports dropped 13.8% in September, the lowest decline in this fiscal, reported the media quoting Commerce Secretary Rahul Khular. The reduced fall may be indicative of a rebound from the year-old negative trend.
Khular said that it is difficult to give a time-frame for exports to be in the positive zone. The exports were $13.6 billion in September compared to $15.8 billion a year ago.
Due to decline in demand across the globe, the exports began contracting since October 2008, with May 2009 witnessing the highest decline of 39.2%. But from June, the decline in exports began to fall.
Shipments contracted by 28.5% during April-September 2009-10. But the Commerce Ministry expects a smaller decline of 3%-6%, when the fiscal ends, as several sectors have shown recovery, including Jems and jewellery, pharmaceuticals, iron ore, petroleum products, marine products and man-made yarns.
A. Sakthivel, President of Federation of Indian Export Organizations (FIEO) also agreed with the government's view and opined that the scenario would improve by January 2010.
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