India’s April-December trade deficit zooms to $133.3 billion

India added $12.8 billion to its trade deficit in December 2011, taking the country's trade gap during the first nine months of the current financial year (April-December 2011-12) to $133.3 billion.

If the trend continues, the country may close the current fiscal with a trade deficit of nearly $175 billion.

India's imports grew to 37.8 billion in December 2011 while its exports stood at $25 billion during the month, commerce secretary Rahul Khullar said today.

During April-December 2011-12, India's imports grew 30.4 per cent to $350.9 billion while its exports rose 25.8 per cent to $217.6 billion during the period, he said.

Engineering exports, which has been the mainstay of the country's export push during the early part of the current fiscal, saw a revival of fortunes, with a 21.6 per cent growth to $45.3 billion during the April-December 2011-12 period.

Export of petroleum and oil products rose the highest (55 per cent) to $43.9 billion while export of gems and jewellery recorded a growth of 38.5 per cent at $33.5 billion. Export of leather grew 25.8 per cent to $3.4 billion while drugs and pharmaceutical exports rose 21.5 per cent to $9.1 billion.