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The commerce ministry in its latest data has said that India’s merchandise exports registered marginal growth of 0.97 per cent to $38.45 billion in December 2023 as compared to $38.08 billion in December 2022. Imports declined by 4.85 per cent to $58.25 billion in December 2023 as compared to $61.22 billion in December 2022 due to a dip in crude oil shipments. India’s trade deficit narrowed to a three-month low of $19.8 billion in December 2023 from $23.14 billion in the year-ago period.

According to the data, merchandise exports for the period April-December 2023 were $317.12 billion as against $336.30 billion during April-December 2022. Merchandise imports for the period April-December 2023 were $505.15 billion as against $548.64 billion during April-December 2022. The merchandise trade deficit for April-December 2023 was estimated at $188.02 billion as against $212.34 billion during April-December 2022.

It further stated that non-petroleum and non-gems & jewellery exports in December 2023 were $28.67 billion, compared to $27.19 billion in December 2022. Non-petroleum and non-gems & jewellery exports during April-December 2023 was $230.74 billion, as compared to $233.73 billion in April-December 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in December 2023 were $37.96 billion, compared to $38.04 billion in December 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $320.75 billion in April-December 2023 as compared to $333 billion in April-December 2022