India's merchandise exports rose 1% in Dec 2023 amid global slowdown

New Delhi : India's merchandise exports registered a 0.96 per cent growth in December 2023 at $38.45 billion compared to $38.08 billion in the same month of the preceding year 2022 while imports fell during the month, according to official figures released by the Commerce Ministry on Monday.

Commerce Secretary Sunil Barthwal said that despite a global slowdown, the country is "in the positive zone". The overall trade deficit narrowed during the month to $5.17 billion during the month from $7.75 billion in December 2022.

Major contributors to export growth in December 2023 include engineering goods, iron ore, gems & jewellery, electronic goods and drugs & pharmaceuticals.

Engineering goods exports recorded an increase of 10.19 per cent at $10.04 billion in December, gems and jewellery exports went up by 14.07 per cent to $2.90 while electronic goods exports registered an increase of 14.41 per cent.

Exports of drugs and pharmaceutical products rose 9.3 per cent during the month to $2.47 billion. This is also the highest monthly exports for these four commodity groups during the current financial year so far.

Agricultural exports continue to grow in December 2023 -- tobacco (38.94 per cent), meat, dairy & poultry products (29.76 per cent), spices (27.68 per cent), fruits & vegetables (25.36 per cent), cereal Preparations & Miscellaneous Processed Items (13.5 per cent) and oil seeds (8.48 per cent).

Overall trade deficit during April-December improved by 35.87 per cent from $108.13 billion in 2022 to $69.34 billion in 2023. April-December 2023. he merchandise trade deficit also improved by 11.45 percent from $212.34 billion in April-December 2022 to $188.02 billion in April-December 2023.