Exports down 2%

India’s exports fell almost 2% to $24.9 billion in December, contracting for the eighth straight month, as demand in the US and Europe remained weak. But with imports rising 6.3% to $42.5 billion, the trade deficit widened to $17.7 billion, adding to the concerns over the current account deficit.
The government, however, saw a silver lining in the pace of contraction slowing down in December, raising hopes of a rebound during the last quarter of the current financial year.