Despite a global slowdown, India is in the positive zone
According to official figures released by the Commerce Ministry, India’s merchandise exports registered a 0.96 percent growth in December 2023 at $38.45 billion compared to $38.08 billion in the same month of the preceding year 2022 while imports fell during the month.
The overall trade deficit narrowed during the month to $5.17 billion from $7.75 billion in December 2022.
Major contributors to export growth in December 2023 include engineering goods, iron ore, gems & jewelry, electronic goods, and drugs & pharmaceuticals.
Commerce Secretary Sunil Barthwal said that despite a global slowdown, the country is “in the positive zone“.
Engineering goods exports recorded an increase of 10.19 percent at $10.04 billion in December, gems and jewelry exports went up by 14.07 percent to $2.90 while electronic goods exports registered an increase of 14.41 percent.
Exports of drugs and pharmaceutical products rose 9.3 percent during the month to $2.47 billion.
This is also the highest monthly export for these four commodity groups during the current financial year so far.
Agricultural exports continue to grow in December 2023 — tobacco (38.94 percent), meat, dairy & poultry products (29.76 percent), spices (27.68 percent), fruits & vegetables (25.36 percent), cereal Preparations & Miscellaneous Processed Items (13.5 percent) and oil seeds (8.48 percent).
The overall trade deficit during April-December improved by 35.87 percent from $108.13 billion in 2022 to $69.34 billion in 2023.
The merchandise trade deficit also improved by 11.45 percent from $212.34 billion in April-December 2022 to $188.02 billion in April-December 2023.
[With Inputs from IANS]
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