India's exports in January fell 13.6% from a year earlier to $21.07 billion declining for the 14th consecutive month while a contraction in imports narrowed the trade gap to an 11-month low.
Imports fell 11% to $28.71 billion, leaving a trade deficit of $7.63 billion..The last time the gap was lower was in February 2015 at $6.84 billion.
Gold imports rose 85% to $2.91 billion last month compared with a 179% increase in December. Oil meal exports posted the steepest decline at 77.5%, while petroleum product shipments fell 35.18%. Of the 30 export sectors, 13 registered growth amid subdued global demand and softening commodity prices.
China's exports dropped 11.2% on year to $177.5 billion in January while imports plummeted 18.8% to $114.2 billion. In the first 10 months of the current financial year, India's exports were $217.67 billion compared with $264.32 billion in the same period last year.
Oil imports dropped 39% to $5.02 billion while non-oil imports declined 1.4% to $23.68 billion. Non-oil, non-gold imports, seen as a measure of domestic demand, fell 7.4% to $20.78 billion.
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