India December 2010 exports up 36.4% y/y to $22.5 bn

Feb 01, 2011 12:00 AM

India's exports in December 2010 rose an annual 36.4 % to $ 22.5 bn, while imports for the month fell 11.1 % on the year to $ 25.1 bn, government data released recently. India's trade deficit in December narrowed to $ 2.6 bn compared with $ 8.9 bn in November. The April-December exports rose an annual 29.5 % to $ 164.7 bn.
Last August, India's trade deficit had widened to a 23-month high of $ 13.06 bn and Trade Secretary Rahul Khullar had said it could touch $ 135 bn in the current fiscal year to March 2011, higher than his earlier forecast of $ 120 bn.

But, since then, the growth in imports has slowed sharply, easing pressure on the current account deficit. Khullar, who released December's provisional figures in early January 2011, said the trade deficit was now at its lowest in 3 years while exports were at their highest in 33 months. A slowdown in industrial growth towards the end of 2010, combined with a rise in demand from India's traditional export destinations in Europe and the US were likely reasons for the narrowed trade deficit, said N R Bhanumurthy, an economist at the National Institute of Public Finance and Policy.
"The capacity expansion by domestic industry may be tapering out," Bhanumurthy said.

Asia's third-largest economy is targeting close to 15 % export growth in the current fiscal year.

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