India's Trade Deficit Shrinks, Exports Demonstrate Resilience

New Delhi, Jan 17 (KNN) India witnessed a significant improvement in the trade deficit during April-December 2023. The overall trade deficit decreased by 35.87 per cent, dropping from USD 108.13 billion in 2022 to USD 69.34 billion in 2023.

The merchandise trade deficit also showed improvement, declining by 11.45 per cent from USD 212.34 billion in April 2022 to USD 188.02 billion in December 2023.

The country also witnessed a positive momentum in merchandise exports for December, marking a 0.96 per cent increase to USD 38.45 billion from USD 38.08 billion in the corresponding 2022 period.

Key sectors fuelled this growth, with engineering goods leading at a substantial 10.19 per cent surge, reaching USD 10.04 billion.

The gems and jewellery sector saw significant growth, up by 14.07 per cent to USD 2.90 billion. Electronic goods recorded a robust performance, with a 14.41 per cent increase totalling USD 2.62 billion in December 2023.

The drugs and pharmaceuticals sector contributed with a 9.30 per cent increase, reaching USD 2.47 billion in exports.

Agricultural exports continued their upward trajectory in December 2023, witnessing substantial growth in various categories. Notable increases were observed in the exports of tobacco, spices, fruits and vegetables along with oil seeds.

The reduction in trade deficit and robust performances in various export sectors suggest a promising outlook for India's trade dynamics.

(KNN Bureau)