December trade deficit narrows to $17.7 billion, exports fall 1.9 percent
NEW DELHI (Reuters) - India's trade deficit narrowed to $17.7 billion in December from $19.3 billion in November, even after exports fell for the eighth straight month, a trade ministry official said on Friday.
Exports totalled $24.88 billion in December, down 1.9 percent on year. Imports, however, were up 6.3 percent at $42.5 billion. For the first three quarters of the fiscal year ending in March, exports totalled $214.1 billion, down 5.5 percent from a year ago.
The weakness of the export sector, which makes up one-fifth of the Indian economy, has swollen a current account deficit that hit an all time high of 5.4 percent of gross domestic product in the July-September quarter and has added to pressure on the rupee.
(Reporting by Matthias Williams and Arup Roychoudhury; Writing by Rajesh Kumar Singh)
- Tweet this
- Share this
- Digg this
- Rihanna, CBS bench opening number for Thursday football
- UPDATE 3-Boeing, SpaceX win contracts to build 'space taxis' for NASA
- Coke, J&J join big corporations behind new employee wellness push
- Citing security threat, Obama expands U.S. role fighting Ebola
- Apple iPhone 6 pre-orders hit record 4 million on first day
India will decide on ending government control on diesel pricing after elections in two states next month, an oil ministry source said, even though local prices of the fuel are currently higher than the global rates, making a case for a cut in retail prices. Full Article
India says to defend China border after standoff ahead of Xi visit. Full Article
Climate smart farmers get tech savvy to save India's bread basket. Full Article