New Delhi: The latest export numbers seems to Indicate that India's recovery in foreign trade is here to stay. Contrary to fears of a dip in December due to the high base effect of last year, exports climbed 11% month-on-month 9.3% year-on-year to $14.6 billion according to the numbers released by the government.
Imports too rose for the first time in over a year in December, hitting $24.8 billion. The import number is a jump of 27% over the year before, and in contrast to a decline of 2.5% in November.
However, $2 billion out of the $5.3 billion increase was contributed by a jump in oil import. Non-oil imports during December were around $ 18.2 billion,22.4% up year on year.
The numbers have reinforced the turnaround seen in November when exports jumped 18.2%, thanks a very low base. Exports had hit a nadir $11.2 billion during November 2008 following the collapse of global financial institutions such as Bear Stearns and Lehman Brothers.
The growth seen during November and December, however, are far from making up for the decline during the previous months. During May, for example, exports were down a full 39% compared to the year before. For the nine months ending December, exports are still down a fifth, at $117.6 billion.
Imports too are down for the nine months, at 193.8 billion or 23% lower than the year ago period.
Source : dnaindia.com