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Business News/ Economy / India's December exports totalled $38.45 billion, while the trade deficit dropped to $19.8 billion
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India's December exports totalled $38.45 billion, while the trade deficit dropped to $19.8 billion

India's December goods imports totalled $58.25 billion, while its exports came to $38.45 billion. The country's merchandise trade deficit decreased to $19.8 billion in December 2023 from $23.14 billion in the same month the previous year.

India's December exports totalled $38.45 billion, while the trade deficit dropped to $19.8 billion. bloombergPremium
India's December exports totalled $38.45 billion, while the trade deficit dropped to $19.8 billion. bloomberg

India's December goods imports totalled $58.25 billion, while its exports came to $38.45 billion. The country's merchandise trade deficit decreased to $19.8 billion in December 2023 from $23.14 billion in the same month the previous year.

India's merchandise exports increased by 0.96% to USD 38.45 billion in December 2023 from USD 38.08 billion in December 2022, according to a Press Information Bureau (PIB) release. In December 2023, engineering goods, iron ore, jewellery and gems, electronics, and drugs and pharmaceuticals weremajor contributors to export growth.

Engineering Goods

Exports of engineering goods totalled USD 10.04 billion in December 2023, up 10.19% from USD 9.11 billion in the same month the previous year. The engineering goods export record for December 2023 is the highest of the current fiscal year, the release said.

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Gems and Jewellery

Exports of gems and jewellery increase by 14.07% to USD 2.90 billion in December 2023 from USD 2.54 billion in the same month the previous year, as mentioned in the PIB release.

Electronic Goods

Exports of electronic goods increased 14.41% in December 2023 to USD 2.62 billion from USD 2.29 billion in December 2022. The record for December 2023 sets a new monthly high for electronics exports for the current fiscal year, according to the release.

Trade during Dec 2023
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Trade during Dec 2023 (PIB)

Drugs and Pharma

In December 2023, drugs and pharmaceutical products were valued at USD 2.47 billion, a 9.30% increase from USD 2.27 billion in the same month the previous year. The record monthly export of drugs and pharmaceutical products for the current fiscal year is December 2023, according to PIB release.

Agricultural exports

In December 2023, the following agricultural productscontinuedto see growth in exports: oil seeds (8.48%), cereal preparations & other processed goods (13.5%), fruits & vegetables (25.36%), tobacco (38.94%), meat, dairy, and poultry products (29.76%), and spices (27.68%), as per the release

Trade deficit

The merchandise trade deficit also improves by 11.45% from USD 212.34 billion in April-December 2022 to USD 188.02 billion in April-December 2023. The overall trade deficit improves by 35.87% from USD 108.13 billion in 2022 to USD 69.34 billion in 2023, according to the release.

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Published: 15 Jan 2024, 05:38 PM IST
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