India’s exports in December increased 6.7 percent to $25 billion year-over-year, putting the country on track to grow exports in fiscal 2012 by 22 percent compared to fiscal 2012.
Total exports from April through December, the first three quarters of fiscal 2012, climbed 25.8 percent to $217.6 billion from a year earlier, according to latest provisional figures released by the Commerce Ministry. Exports in December rose after hitting the lowest growth rate in two years in the month prior.
Imports for December rose 19.8 percent year-over-year to $37.8 billion, triggering a trade gap of $12.8 billion. Overall imports during April to December expanded 30.4 percent to $350.9 billion, and the trade deficit for the nine months to the end of December was estimated at $133.3 billion.
Export growth during April to December was largely led by petroleum products and engineering goods, which surged 55 percent and 21.6 percent, respectively, in value terms.
“Based on current trends, exports during the current fiscal year is expected to touch the target of $300 billion, while imports are likely to be worth $460 billion taking the trade deficit to $160 billion,” said a Commerce Ministry official.
India exported a record $246 billion worth of goods in fiscal 2011, which ended March 31, 2011. Following its annual performance evaluation, the commerce ministry recently announced a “comprehensive export strategy” aimed at doubling the country’s outbound trade to $500 billion by 2014.