During the April-October 2012-13, the country's shipments have shrunk by 5.95% to $189.2 billion. Imports during the period dipped by 1.58% to $318.7 billion.
Commerce secretary SR Rao said, "Hopefully by end of the week, the government will announce some support measures" to provide cushion to exporters.
The country's import bill has increased due to jump in petroleum imports, he added.
During the first eight months of this financial year, the trade deficit stood at $129.5 billion.
Oil imports in November increased by 16.7% year-on-year to $14.5 billion. Non-oil imports grew by 1.5% to $27 billion.
During April-November 2012, oil imports grew by 10.8% to $110 billion from $99.3 billion in the corresponding period 2011.
However, non-oil imports during the period dipped by 7% year-on-year to $208.6 billion.