Exports on revival path, up 9% in Dec.

New Delhi: India's shipment increased by over 9% in December, marking a positive growth for the second month in a row. Simultaneously, imports too turned positive with a growth in excess of 27% in the same month, ending an 11-month negative spell to signal a robust demand from the domestic manufacturing sector.

The value of December exports grew to $14.6 billion from $13.36 billion a year ago. Imports during the same period increased to $24.75 billion from $19.45 billion year on year. Since October 2008, exports turned positive from the time in November with over 18% growth to end 13 straight months of downslide as demand from global markets dried up in the wake of economic slowdown.

Federation of Indian Export Organisations president Mr. A.Saktivel saw the positive growth continuing in the next three months also as most of the economies recover and Indian exporters diversify their markets. He said $170 billion worth of exports this year should be considered satisfying, given the dismal performance of some of export led economies.

Last year, Indian shipments were valued at $185 billion. For April-December period this fiscal, exports dropped by 20.3% to $117.58 billion from $147.56 billion. But for Sathivel the growth in imports is a reflection of the double digit growth in the manufacturing sector.

Meanwhile, the country's oil imports also went up nearly 43%, a growth for the second month in a row, to$6.53 billion in December compared to $4.57 billion a year ago. Oil imports during the first nine months of this fiscal was $56.91billion against $81.19 billion in April-December period of 2008-09.

Non oil imports in the month grew by 22.4% to $18.21 billion from $14.87 billion in December 2008. Imports during April-December of this fiscal were $193.82 billion, or 23.65 lower, than $253.80 billion in the year ago period. Non-oil imports were 20.7% lower at $136.91 billion during the first nine months of this fiscal than the $172.70 billion in the comparable period last year. Trade gap during the first nine months of the current fiscal was $76.24 billion compared to $196.24 billion in the same period last year.

The trade gap during the first nine months of the current fiscal was $76.24 billion compared to $196.24 billion in the same perid last year.