Reason:A sharp decline in demand for India's goods in the US and Europe due to continued recession and global meltdown.
India"s exports have slipped by nearly 22 per cent to just $11.9 billion with gems and jewellery, textiles and leather being the worst hit. And imports too have fallen, signaling slower consumption.
The WTO has stated that world trade was likely to shrink by 9 per cent in 2009.
The Planning Commission in one of its report has stated that India"s export growth could be as low as three per cent in 2009-10.
Oil imports during Feb dipped to $4.04 billion from $7.71 billion. Non-oil imports during the month were estimated at $12.77 billion against $14.22 billion in Feb 2008.