India's exports declined by 15.9 per cent in January over the year-ago period, posting contraction for the fourth month running under the impact of a slowdown in major global markets.

Exports dropped to $12.38 billion in January this fiscal, from $14.71 billion a year ago, while imports dipped, for the first time this fiscal, by 18.2 per cent to $18.45 billion, leaving a monthly trade deficit of about $6.07 billion, according to official figures released on Monday.

Exports contracted by 12.1 per cent to $12.8 billion in October 2008, showing a negative trend for the first time in the last five years.

For the April-January period, the country's cumulative exports grew by 13.2 per cent to $144.26 billion. Growth for the first half of the fiscal was 30.9 per cent.

Imports between April and January went up by 25.3 per cent to $243.35 billion.

With the US and several European countries slipping into full-blown recession, Indian exporters have run into difficult times, especially since October.