December exports up 36.4% at $22.5 bn

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 Mr 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.