India's exports fell by annual 19.4% in August for the 11th straight month, but exporters bleeding under the global recession foresee better times around Christmas.

The country's overseas shipments aggregated USD 14.28 billion in August this fiscal against USD 17.72 billion a year ago. However, the decline improved by nine percentage points from 28.4 per cent in July as demand for merchandise picked up in the big global markets ahead of Christmas.

According to official data released, imports saw a drastic drop of 32.4% in August this year to USD 22.66 billion, mainly due to a sharp fall in crude oil prices to USD 70 per barrel from a peak of USD 147 per barrel last year.

As a result, the country's trade gap narrowed to USD 8.37 billion against USD 15.78 billion in the same month in 2008.

Exports during the April to August period of the current fiscal dropped 31 per cent to USD 64.12 billion from USD 92.95 billion in the same period last year.

President of the Federation of Indian Exports Organisation said that "From high of over 30% the decline has come below 20% and in the months to come we will see it in single digit.”

He said that Christmas sales in the US and Europe are expected to pick up, making western super stores buy more from countries like India.

(Sourced from Indian Express)