On the back of rising crude oil prices, India’s imports turned positive after 11 months in December 2009 when it increased by 27.3 per cent. The country’s exports grew for the second consecutive month by 9.3 per cent.
Merchandise imports, which had entered the negative territory in January 2009, were recorded at $24.7 billion (about Rs 1,14,360 crore) in December, compared to $19.4 billion (about Rs 89,800 crore) recorded in the same month last year, according to the official trade data released today. The crude oil price averaged $75 (Rs 3,473) per barrel in December.
The exports, which stood at $14.6 billion (about Rs 67,600 crore) in December, had turned positive last November after falling for 13 straight months owing to the global economic meltdown.
Exports in December 2008 stood at $13.3 billion (Rs 61,600 crore). Overall trade deficit in December, however, rose 68.3 per cent to $10.1 billion from $6 billion recorded in December 2008.
Cumulatively, imports were still down 23.6 per cent at $193.8 billion in the first nine months (April-December) of the current financial year. Exports have also plunged 20 per cent at $117.5 billion in the same period.
The country’s oil imports in December were up 43 per cent at $6.5 billion. Non-oil imports, too, went up by 22 per cent at $18.2 billion in the same month.
However, oil imports in the April-December period dipped by 30 per cent, at $56.9 billion.
Source : Business Standard