Country's trade deficit declined to 10-month low of $ 9.43 billion in December mainly on account of falling imports due to slump in crude prices, though exports too have come down. Gold imports showed an increase from year-ago level to $ 1.34 billion in December, but it is a substantial decline from the previous month ($5.61 billion).
As per the data released by the Government, imports bill declined by 4.8 per to $34.8 billion during the month from $ 36.6 billion from December 2013, leading to improvement in the trade balance situation. Exports too fell by 3.8 per cent to $ 25.4 billion. Outbound shipments were valued at $ 26.4 billion in the same month last year.
Gold imports at $1.34 billion in December were 7.4 per cent higher than the corresponding month of the previous fiscal. However, it is a sharp decline from previous month when inbound shipments stood at $ 5.6 billion. Oil imports during the month under review were valued at $ 9.94 billion, down 28.6 per cent from $13.92 billion in the corresponding period last year.
Oil imports during April-December, 2014-15 were down 4.7 per cent to $ 116.5 billion from $ 122.2 billion in the corresponding of 2013-14. Global oil prices have slumped to near six-year low of around $ 46 a barrel, helping importing countries like India to cut back on their dollar payments. Exports in April-December totalled to $ 241.15 billion as against $ 231.8 billion in the comparable period last fiscal, a growth of 4.02 per cent.
The imports during April-December was $ 351.2 billion as against $ 338.9 billion, registering a growth of 3.63 per cent. The trade deficit in December is down 44 per cent compared to November. In December 2013, it was $ 10.2 billion. The previous low in trade balance was $ 8.13 billion in February, 2014.