The economic slowdown in markets worldwide has led to the sixth consecutive monthly fall in India’s exports in the month of March – with the figures plunging by nearly one-third, 33.3 percent to be precise, to $11.5 billion. The outlook for the coming months is also bleak, as analysts estimate a worsening of the figures, with the slump continuing to weaken the overseas sales.

With the full-scale recession taking its toll on the US and a majority of European countries, Indian exporters have been experiencing difficult times, particularly since October. Nonetheless, along with the fall in exports, the 34 percent year-over-year fall in India’s imports during March, to $15.56 billion, helped narrow the trade deficit from last year’s $6.32 billion to $4 billion.

Commenting on the effect of the meltdown on Indian exports scenario, economist N.R. Bhanumurthy, of the Institute of Economic Growth, said: “The impact of global economic crisis on India is going to be higher in 2009-10 compared to the previous year.”

As per an IMF statement, even though growth will likely gain momentum in developing countries – including India and China – the desired upturn to the earlier robust levels is largely dependant on a turnaround in developed economies.

Talking about recovery, D.K. Joshi, CRISIL’s principal economist, said: “A recovery can be expected not before the second half of 2009-10.”