India: Exports soar in December to new historic high
February 1, 2011
In December, exports increased 36.4% over the same month the previous year to tally a total of USD 22.5 billion. The figure represented an acceleration compared to the 26.5% increase recorded in November and drove exports to a new historic high. Furthermore, the moving 3-month sum added USD 59.4 billion, exceeding the USD 56.9 pre-crisis peak reached in July 2008. Meanwhile, imports continued to moderate, dropping 11.1% over the same month the previous year to a total of USD 25.1 billion, which contrasted November's 11.2% increase. The annual decrease was mostly due to lower oil imports, which decreased 16.0% year-on-year, while non-oil imports contracted 9.0% yoy. As a result of stronger exports and weaker imports, the trade deficit fell markedly from USD 8.9 billion in November to USD 2.6 billion in December. In the last twelve months, exports totaled USD 211 billion, thus exceeding the government's target of USD 200 billion set for the current fiscal year, which will end in March 2011.