India's exports drop by 1.92 percent in December

Last Updated: Fri, Jan 11, 2013 10:30 hrs

New Delhi, Jan 11 (IANS) India's exports dropped by 1.92 percent to $24.87 billion in December, registering a decline for the eighth month in a row due to weak demands in Europe and North American markets, government data showed Friday.

In the first three quarters of the current financial year, total value of exports stood at $214.09 billion, 5.5 percent down from $226.55 billion recorded during the same period of the previous year.

Imports increased by 6.26 percent to $42.54 billion in December, leaving a monthly trade deficit of $17.67 billion, according to data released by the ministry of commerce and industry here.

Total trade deficit for April-December period has widened to $147.17 billion. During the corresponding period of 2011-12, trade deficit was $137.31 billion.

Widening trade deficit has resulted in the record jump in the country's current account deficit. India's current account deficit rose to the all-time high of 5.4 percent of the GDP in July-September quarter, according to the Reserve Bank of India data.

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