As per the data released by Commerce Ministry, India’s exports was increased by 6.7% to $25 billion in December 2011 on an annual basis while imports grew at a faster pace of 19.8% to $37.7 billion during the same period on an annual basis.
The trade deficit was stood at $12.7 billion in December 2011. The growth slowdown in the developed markets such as US and Europe had a significant impact in the exports.
Indian vendors have major business in US and Europe. Any changes in fiscal growth will have a major impact in India’s trade deficit.
During the April-December period, the exports increased by 25.8% to $217.6 billion and imports grew 30.3% to $350.9 billion, taking the trade deficit to $133.2 billion
India, one of the major importer of oil from global market, had registered a growth of 11.2% in its oil import to $10.2 billion in December while Non-oil imports increased by 23.2% to $27.4 billion on an annual basis.
From the fiscal year beginning, the exports were growing at slow rate while imports growth zooming persistently.
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