India’s export went up by 36.4 per cent in December 2010, highest in the last 33 months, to $ 22.5 billion due to diversification of the overseas markets such as Latin America and price competitiveness.
However, imports contracted by 11.1 per cent, lowest in the last 14 months to $ 25.1 billion, narrowing the trade deficit in December 2010 to $ 2.6 billion, Commerce Secretary Rahul Khullar told reporters here.
During April-December 2010-11 the country’s merchandise export grew by 29.5 per cent to $ 164.7 billion. Imports too rose by 19 per cent to $ 247.1 billion.
“The December figure is a huge increase. Highest export in the last 33 months,” Mr. Khullar said. With this growth India will easily achieve $ 200 billion export target.
“With this you will be in the neighbourhood of $ 215-225 billion by the end of the fiscal,” he added.
Trade deficit in April-December 2010-11 stood at $ 82.4 billion.