New Delhi, Jan 16 (Mayank Nigam) Amid slowdown in major advanced economies, India’s merchandise exports slumped 12 per cent year-on-year to US$ 34.48 billion in December 2022. Merchandise imports value during December 2022 stood at US$ 58.24 billion as compared to US$ 60.33 billion in the corresponding month of 2021. The trade deficit during December 2022 stood at US$ 23.76 billion. On cumulative basis, merchandise exports during April-December period of the current fiscal stood at US$ 332.76 billion as against US$ 305.04 billion in the corresponding period of the previous year registering a growth of 9.09 per cent.
Total merchandise imports during April-December period were US$ 551.70 billion as against US$ 441.50 in the same period previous year recording a growth of 25 per cent. Following the Russia-Ukraine war, most advanced countries have seen high inflation as commodity prices rose sharply. As central banks raised interest rates to check inflation, growth prospects dimmed.