India's exports grow 6.7 pc to USD 25 bn in Dec 2011

New Delhi, Feb 1 (PTI) India's exports grew by a low 6.7 per cent to USD 25 billion in December 2011 compared to the same month last year due to demand slowdown in the western markets of the US and Europe. On the other hand, imports were up by 19.8 per cent year-on-year to USD 37.7 billion in the month, according to India's Commerce Ministry data for the month released today. In December 2010, exports stood at USD 23.4 billion, while imports were worth USD 31.5 billion. Trade deficit for the month stood at USD 12.7 billion in December 2011 compared to USD 8.1 billion in December 2010. However, due to better performance in the previous months, the country's exports grew by 25.8 per cent year-on-year to USD 217.6 billion during the nine month period of the current 2011-12 fiscal (April-December). During April-December 2011-12, imports also rose by 30.3 per cent to USD 350.9 billion leaving a cumulative trade gap of USD 133.2 billion. India's total oil imports during April-December 2011-12 stood at USD 105.5 billion, an increase of 40.3 per cent over the same period the previous year. Non-oil imports rose by 26.5 per cent to USD 245.3 billion. Oil imports thus made up for 30 per cent of India's total imports during the period. PTI