India’s trade deficit falls on lower oil bill

India’s trade  deficit  for  the first eleven months fell to  $  97.1 billion from $100.2 billion registered during the same period a year ago, thanks to booming exports and a dip in oil imports.

India’s exports continued their outstanding performance in February, rising 50% during the month. During January too, exports were up by more than 50%, while they are up around 310% for the full year.

After showing a decline in late last year, oil imports have remained stable in February compared to the same month in 2010.

The oil import bill, at $8.2 billion, would have zoomed past the $10 billion mark but for the prolific production from Cairn India’s Rajasthan block.

For the first elevent months, Oil  imports remained at 88.2 billion, 12.4  per  cent  higher  than the same period a year ago.
Non-oil  imports  during  February,  2011  were  estimated  at  US  $  23.5 billion, slightly less than India’s total goods exports of $23.6 billion. Goods exports also includes a couple of billion of re-exported, refined crude oil.