India's trade deficit narrowed to $17.7 billion in December from $19.3 billion in November, even after exports fell for the eighth straight month, a trade ministry official said on Friday.
Exports totalled $24.88 billion in December, down 1.9 per cent on year. Imports, however, were up 6.3 per cent at $42.5 billion. For the first three quarters of the fiscal year ending in March, exports totalled $214.1 billion, down 5.5 per cent from a year ago.
The weakness of the export sector, which makes up one-fifth of the Indian economy, has swollen a current account deficit that hit an all-time high of 5.4 per cent of gross domestic product in the July-September quarter and has added to pressure on the rupee.
Copyright @ Thomson Reuters 2013
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