New Delhi, Jan 15 (Mayank Nigam) Amid geo-political tensions and weak demand from major advanced economies, India’s merchandise or goods exports rose 0.97% year-on-year (YoY) to US$ 38.45 billion in December 2023, official data showed on Monday. The value of merchandise exports in December 2022 was US$ 38.08 billion. Major contributors to export growth in December 2023 include engineering goods, iron ore, gems & jewellery, electronic goods and drugs & pharmaceuticals. Engineering goods exports in December 2023 recorded an increase of 10.19% at US$ 10.04 billion over US$ 9.11 billion in December 2022.
As per the data released by Ministry of Commerce and Industry, India’s total merchandise imports in December 2023 were US$ 58.25 billion as against US$ 61.22 billion in December 2022. Merchandise trade deficit in December 2023 stood at US$ 19.8 billion. Non-petroleum and non-gems & jewellery exports in December 2023 were US$ 28.67 billion, compared to US$ 27.19 billion in December 2022. Non-petroleum,
non-gems & jewellery (gold, silver & precious metals) imports in December 2023 were US$ 37.96 billion, compared to US$ 38.04 billion in December 2022. As per the official data, merchandise exports for the period April-December 2023 were US$ 317.12 billion as against US$ 336.30 billion during April-December 2022.
Merchandise imports for the period April-December 2023 were US$ 505.15 billion as against US$ 548.64 billion during April-December 2022. The merchandise trade deficit for April-December 2023 was estimated at US$ 188.02 billion as against US$ 212.34 billion during April-December 2022. “India’s overall exports (merchandise and services combined) in December 2023 is estimated to be US$ 66.33 billion, exhibiting a negative growth of (-) 4.25% over December 2022. Overall imports in December 2023 is estimated to be US$ 71.50 billion, exhibiting a negative growth of (-) 7.18% over December 2022,” Commerce Ministry said.