India's exports plunged by 9.80 per cent to $24.38 billion in January, from $27.03 billion worth of merchandise shipped out in December 2017, official data showed on Thursday.
However, on a year-on-year (Y-o-Y) basis, the exports for January grew by 9.07 per cent to $24.38 billion from $22.35 billion reported for the corresponding month of last year.
"Exports during January 2018 have exhibited positive growth of 9.07 per cent in dollar terms vis-à-vis January 2017. Exports have been on a positive trajectory since August 2016 to January 2018 with a dip of 1.1 per cent in the month of October 2017," the Ministry said in a statement.
Exports during January 2018 were valued at $24,383.97 million as compared to $22,356.32 million during January 2017.
Conversely, the country's imports during the month under review declined by 2.93 per cent to $40.68 billion in January 2018 from $41.91 billion in December 2017.
But on a YoY basis, it increased by 26.10 per cent to $40.68 billion from $32.26 billion reported for the corresponding period of the previous year.
Consequently, India's merchandise trade deficit on a YoY baisis widened to $16.29 billion during last month as against $9.90 billion in the corresponding period the previous year.