Reviving hopes of meeting this fiscals target of $300 billion,exports rose 6.7 per cent in December 2011 to $25 billion from $23.4 billion in the corresponding month a year ago. However,things might not be rosy in 2012,said commerce secretary Rahul Khullar,referring to the likely demand slump in the US and EU markets.
Imports grew at 19.8 per cent to $37.8 billion in December,leaving the trade deficit for the month at $12.8 billion,though it was a bit lower than the average monthly deficit of around $14 billion till November.
After many months of heady growth,exports had slowed down since September and the growth was just 3.8 per cent in November. On a cumulative basis,exports for the first three quarters (April-December) totalled $217.6 billion,a growth of 25.8 per cent over the year-ago period.
Imports grew 30.4 per cent to $350.9 billion in the period,precipitating a trade deficit of $133.3 billion. Trade deficit for FY12 will be about $155-160 billion,Khullar had earlier said. Engineering goods,vehicles and petroleum products were the principal drivers of exports in December. In the first half of this fiscal,the average export growth was about 41 per cent. FE