New Delhi: Exports from India surged 1 per cent to $38.45 billion in December 2023. Imports to India declined 4.85 per cent to $58.25 billion in December 2023. The trade deficit narrowed to a three-month low of $19.8 billion. Trade deficit is the difference between imports and exports.
The previous low in trade deficit was recorded in September at $19.37 billion. In December 2022, it was $23.14 billion.
During April-December this fiscal, exports dipped by 5.7 per cent to $317.12 billion. Imports slipped by 7.93 per cent to $505.15 billion. Imports declined due to a dip in crude oil shipments. Crude oil imports declined by 22.77 per cent to about $15 billion during December.
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Meanwhile, gold imports jumped 156 per cent in December 2023 to $3 billion. Crude oil imports in April-December 2023-24 declined by about 19 per cent to $128.6 billion while gold imports surged by 26.64 per cent to about $36 billion in April-December 2023.
The trade deficit reported in the first three quarters of April-December 2023 was at $188.02 billion. It was at $212.34 billion in April-December 2022.
During December 2023, key export sectors that have recorded negative growth included petroleum products, ready-made garments of all textiles, chemicals, and leather products. Sectors which are in the positive zone include plastic, electronic goods, engineering items, and gems and jewellery.
The estimated value of services export has contracted to $27.88 billion, as compared to $31.19 billion in December 2022.During the nine-month period, however, these exports rose to $247.92 billion as compared to $239.5 billion in April-December 2022.
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