India's Trade Deficit Increases To $12.7 Billion In Dec 2011 (01-Feb-2012)
India's trade deficit in December 2011, widened to $12.7 billion as compared to $8.0 billion a year ago. Exports grew by a meager 6.7% to $25 billion, whereas imports were up to $37.7 billion, registering an increase of 19.8%. The slowdown in exports was expected, given the slackening of demand from the US and European markets.
According to the data released by the Commerce & Industry, the cumulative value of exports for the period April-December 2011-12 was $217.6 billion, up by 25.84%, given the better performance in the earlier two quarters. Cumulative imports were up by 30.37% to $350.9 billion for April-December 2011-12. As a result the cumulative trade deficit for the first three quarters of FY12 (April-December 2011-12) stood at $133.2 billion, which was 38.5% higher, than the deficit for the corresponding period last year.
Oil imports during December 2011, were at $10.2 billion which was 11.20% higher than in December 2010. Non-oil imports during December 2011 were estimated at $27.4 billion which was 23.38% higher than $22.2 billion in December, 2010. Cumulatively, during April-December 2011, oil imports stood at $105.5 billion, an increase of 40.3% as compared to the corresponding period last year. Non-oil imports rose by 26.5% to $245.3 billion for the same period.
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