Merchandise exports this fiscal are projected to fall around (-) 16 per cent over the previous financial year, high-level sources in the government told The Hindu .

This will be the second worst export performance since independence, according to official data.

Only in 1952-53, exports had fared worse when it shrank (-) 18.7 per cent.

In the 68 years since independence, the country’s exports have been in the negative growth territory only on 14 other occasions.Shipments

Shipments during April-November this fiscal had shrunk (-) 18.46 per cent to $174.3 billion from $213.8 billion during the same period in 2014-15.

Recovery expected

So officials are expecting a minor recovery in the last four months of this financial year that will in turn help reduce the contraction to (-) 16 per cent for 2015-16.