India's trade deficit narrowed to an 11 month low of 8.3 Billion Dollar in January 2015 due to the sharpest contraction in imports since May last year. The trade deficit during April to January period of this fiscal stood at 118 Billion Dollar. Exports sharply contracted 11.19 per cent in January to 23.8 Billion Dollar while imports declined 11.39 per cent to 32.2 Billion Dollar, according to official data released by the Ministry of Commerce Friday.A steep fall in the price of global crude oil primarily led to contraction of imports, apart from a lack of pick-up demands for other items.
