The pace of falling exports has slowed down also because of lower exports in the same month last year.
According to official foreign trade data released on Tuesday, exports in October were valued at US$13.19 billion, down from US$14.13 billion during the same month last fiscal. Imports also continued to fall at US$21.9 billion in October, down by 15 per cent from US$25.8 billion in the comparable period.
As a result, the trade gap narrowed further to US$8.8 billion in the month from US$11.7 billion in October 2008.
Exports fell a steep 39 per cent in May. The pace has narrowed since, with October exports down 6.6 per cent.
Analysts attribute the uptick to revival of some demand in the overseas markets and hoped that the forthcoming Christmas festivities would further push Indian exports.
In April-October, exports plunged 26 per cent to US$91 billion against US$123 billion in October 2008. In 2008-09, India clocked exports of US$185.1 billion. Oil imports in October 2009 were valued at US$6.6 billion, down 9.3 per cent.
Press Trust of India