As per government data released on Tuesday, country’s exports in December succeed over imports for the same month.

There is an increase of 36.4% in exports taking the figure to USD 22.5 billion, whereas imports were recorded at USD 25.1 billion which shows a fall of 11.1% on year-on-year basis.

India's trade deficit in November was recorded at USD 8.9 billion narrowed down in December to USD 2.6 billion. There is an annual rise in April-December exports by 29.5% to USD 164.7 billion.

While revealing December's provisional figures in early January, Khullar said that December had recorded highest exports in last 33 months while trade deficit is at its lowest in last three years.

NR Bhanumurthy, an economist at the National Institute of Public Finance and Policy said that decline in trade deficit is due to the delay in industrial growth towards the end of 2010, as well as rise in demand from India's traditional export destinations in Europe and the United States.