Exports during the April-October period of the current fiscal shrunk by 6.0% at $189.2 billion. Imports during the period dipped by 1.6% at $318.7 billion.
With uncertainty in the eurozone showing no signs of easing and US staring at the fiscal cliff, analysts painted a grim outlook for the sector in the coming months. "Weakness in the exports sector is likely to continue as recession in the eurozone continues," said DK Joshi, chief economist, Crisil.
Oil imports rose by 16.7% at $14.5 billion in November, while non oil imports increased by 1.5% at $27 billion.
The government could look at providing some cushion to the sector. "Hopefully by end of the week, the government will announce some support measures," said SR Rao, commerce secretary.