Merchandise export down by 1% to $38.45 bn in Dec 2023: Govt

Exports growth: The merchandise exports increased 1 per cent to $38.45 billion in December 2023, the government data showed on Monday. On the flip side, the imports, however, declined by 4.85 per cent to $58.25 billion in December last year. However, for the April-December period, merchandise exports were down 5.70 per cent year-on-year at $317.12. billion, while imports contracted by 7.93 per cent to $505.15 billion during the same period.

"Non-petroleum and non-gems & jewellery exports in December 2023 were $28.67 billion, compared to $27.19 billion in December 2022,” the govt data showed. However, in December 2022, non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in December 2023 were $37.96 billion, compared to $38.04 billion in December 2022.

Service Exports

Similarly, services exports are estimated to have contracted from $ 31.19 billion in December 2o22 to $27.88 billion in December 2023. However, services imports were also down from $15.81 billion in December 2022 to $13.25 billion in December 2023. 

Trade Deficit 

India's merchandise trade deficit declined to $19.8 billion in December 2023 compared to $23.14 billion in the same month last year driven by engineering goods, gems & Jewellery, and electronic goods, the commerce ministry said on January 15. 

After contracting for the last few months, goods exports growth entered the positive territory coming in at $38.45 billion in December 2023 compared to $38.08 billion in the same month last year, whereas merchandise imports fell 4.9 percent on-year.

Engineering goods recorded an increase of 10.19 percent at $10.04 billion over $9.11 billion in December 2022, while outbound shipments of gems and Jewellery rose 14.07 percent to $2.90 billion on year.