The global slowdown seems to be hitting home with a vengeance now. After growing by 30% for the first six months of the current fiscal, exports in October are not just down but have declined by 15% compared to the same month in 2007.

Several non-government and industry bodies have been predicting a major trade deficit this fiscal, but the prognosis got a near official stamp on Monday when director general of Foreign Trade R S Gujral said that the country is likely to miss the export target this year.

Speaking at an award function in the Capital, Gujral admitted that “if September and October are indicators for the coming months, we will miss the export target (of $200 billion).” The DG said exports have declined by 15% in October over the same period last year. And if petroleum products were to be taken out, the contraction could be as high as 20%, Gujral added. READ AT TIMES OF INDIA

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