Indian imports and exports see December improvement

Imports and Exports | | MIC Customs Solutions |

India's imports and exports both improved during December 2016, bolstering confidence in the country's economy.

The outlook for the Indian economy has been given a boost following the announcement of an improved international trade performance during December 2016.

According to the latest data from India's commerce and industry ministry, exports rose in December for the fourth month in a row, rising 5.7 per cent to $23.8 billion (€22.29 million). Imports, meanwhile, ticked up by 0.46 per cent to $34.25 billion, resulting in a trade deficit of $10.4 billion for December.

A statement from the Confederation of Indian Industry said: "It appears our exports have gained positive momentum and we are optimistic this would sustain. This is noteworthy as other key countries like China, USA and EU have been facing negative export growth."

Of India's 30 export sectors, 18 registered growth during the month, raising optimism that the economy may not have been impacted as badly by recent demonetization as feared.

However, since most export orders for Christmas and New Year are placed in advance, these negative trends could be reflected in the January and February export data instead, it was noted.