Indian exports are expected to record a 13 per cent year-on-year decline in 2016, according to a senior Indian government figure.
This prediction was made by commerce secretary Rita Teaotia at a meeting with the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry, with her comments subsequently reported by an official who attended the event.
The official said: "Exports are not expected to exceed $270 billion and imports will be around $390 billion. The only silver lining is that the trade deficit will be in the $120-125 billion range."
A slowdown in global demand and a drop in crude oil prices have been cited among the key reasons for this predicted performance, which represents a pronounced drop from the $310.5 billion figure from the most recent fiscal year.
The last time the country's exports fell below $270 billion was in 2008-09, when the global recession was in full swing. Only seven of India's top 30 export goods registered an increase in November.