India's merchandise exports exhibited a growth of 0.96% in December 2023, totaling $38.45 billion compared to $38.08 billion in the same month the previous year, as per official figures released by the Commerce Ministry. Despite a global economic slowdown, Commerce Secretary Sunil Barthwal highlighted that India remains in the positive zone.
During December 2023, the overall trade deficit narrowed to $5.17 billion from $7.75 billion in December 2022. Key contributors to export growth included engineering goods, iron ore, gems & jewellery, electronic goods, and drugs & pharmaceuticals.
Exports of engineering goods increased by 10.19% to $10.04 billion, gems and jewellery exports rose by 14.07% to $2.90 billion, and electronic goods exports saw a 14.41% increase. Additionally, exports of drugs and pharmaceutical products grew by 9.3% to $2.47 billion, marking the highest monthly exports for these commodity groups in the current financial year.
Agricultural exports continued to grow in December 2023, with notable increases in tobacco (38.94%), meat, dairy & poultry products (29.76%), spices (27.68%), fruits & vegetables (25.36%), cereal preparations & miscellaneous processed items (13.5%), and oil seeds (8.48%).
The overall trade deficit for April-December 2023 improved by 35.87% from $108.13 billion in 2022 to $69.34 billion. The merchandise trade deficit also saw an 11.45% improvement from $212.34 billion in April-December 2022 to $188.02 billion in the same period in 2023. The data suggests positive trends in India's trade performance, with growth in various sectors contributing to a more favorable trade balance.
(With Agency Inputs)
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