Riding on the back of rising crude oil prices, India’s imports registered a positive growth after 11 months in December 2009 when it rose by almost 27.3 percent.  Incidentally, country’s exports are also surging ahead, and grew for the second consecutive month by 9.3 per cent.

As per the latest trade data release, merchandise imports clocked $24.7 billion in December, as opposed to $19.4 billion recorded in the corresponding month last year. The crude oil price averaged $75 per barrel in December.

The exports in December 2009 stood around $14.6 billion, had started showing positive signs of growth last November after falling for 13 consecutive months because of global economic meltdown.

Exports in December 2008 stood at $13.3 billion. India’s oil imports went up by 43 percent at $6.5 billion. Non-oil imports also went up by 22 percent at $18.2 billion in the same month.