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.