India's exports contracted by 1.9% in December to $24.88 billion, as against $25.3 billion in December 2011, due to slowdown in demand in the US and European markets.
However, imports grew by 6.26% to $42.5 billion in December, leaving a trade deficit of $17.6 billion.
During April-December 2012-13, the country's cumulative exports had shrunk by 5.5% to $214.1 billion as against $226.5 billion in the corresponding period last fiscal.
Cumulative value of imports for the April-December was $361.2 billion as against $363.8 billion registering a negative growth of 0.71%.
During the first nine months of this financial year, the trade deficit stands at $147.2 billion. During April-December 2011-12, the deficit was $137.3 billion.
| Exports and Imports (In Us $ million) | ||
| (Provisonal) | ||
| Exports (Including Re-Exports) | ||
| 2011-12 | 25,365.69 | 22,6551.09 |
| 2012-13 | 24,877.57 | 2,14,099.77 |
| %Growth 2012-13/2011-2012 | -1.91 | -5.50 |
| Imports | ||
| 2011-12 | 40,044.06 | 3,63,867.81 |
| 2012-13 | 42,549.50 | 3,61,271.88 |
| % Growth 2012-13 / 2011-12 | 6.26 | -.71 |
| Trade Balance | ||
| 2011-12 | -14,678.37 | -1,37,316.72 |
| 2012-13 | -17,671.93 | -1,47,172.11 |
Oil imports in December increased by 23.5% year-on-year to $14.4 billion. For the nine month period between April-December 2012-13, were valued at $124.5 billion which was 12.18% higher than the oil imports of $111 billion in the corresponding period last year.
Non-oil imports, however, declined by 0.87% to $28.11 billion. Non-oil imports during April-December 2012-13 were valued at $236.7 billion which was 6.37% lower than the level of such imports valued at $252.8 billion in April-December, 2011-12.