New Delhi: India’s merchandise trade deficit narrowed to $ 21.94 billion in December 2024. The decline in deficit is mainly due to surge in exports and decline in imports. Trade deficit is the difference between imports and exports.
India’s merchandise trade deficit was $32.84 billion in November, $27.14 billion in October, $20.78 billion in September and $29.7 billion in August. In July, the merchandise trade deficit was $23.5 billion. The deficit was $20.98 billion in June, $23.78 billion in May and $19.1 billion in April. On an annual basis, trade deficit widened in December 2024 compared to December 2023. The merchandise trade deficit was $18.76 billion in the December 2023.
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However, compared to December 2023, imports grew by 4.90 per cent to $59.95 billion in December 2024, while exports declined by 1 per cent to $38.01 billion during the month
The major drivers of merchandise exports growth in December were other cereals which grew by 67.89 per cent, rice (64.03 per cent), jute manufacturing including floor covering (51.63 per cent), cashew (45.7 per cent), coffee (36.88 per cent) and electronic goods (35.11 per cent). During April-December this fiscal year, exports increased by 1.6 per cent to $321.71 billion while imports increased by 5.15 per cent to $ 532.48 billion.