Exports from the country in the current financial year may fall 11 to 14 percent to US $160-165 billion from  US $185 billion in the previous fiscal despite a pick up since November 2009, according to Commerce Ministry projections.

"We have suffered losses but the shortfall will be made up to a large extent," Sharma said on Tuesday at an event organised by Federation of Indian Chamber of Commerce and Industry (FICCI) in New Delhi.

According to commerce ministry projections, exports would be around US $160-165 billion in the current fiscal against exports worth US $185 billion in the previous fiscal.

"We pulled back from a very strong negative territory to a positive territory by November (2009) and we have consolidated since then and every month exports will become stronger. But, it is true that for 13 consecutive month we have suffered losses and the shortfall will be met to a large extent," the minister said.

Sharma added that global studies suggest world merchandise trade is likely to contract between 12 percent to 16 percent this year.

The country's merchandise exports grew in January at 11.5 percent to US $14.34 billion, 9 percent to US $14.6 billion in December, and 18.2 percent in November at US $13.2 billion year-on-year .  

The rise in exports for the third straight month comes after 13 successive months of decline since October 2008 on account of the global economic meltdown.