India`s merchandise exports rise 3.12% in January
The commerce ministry in its latest data has said that India’s merchandise exports rose to a three-month high of 3.12 per cent to $36.92 billion in January 2024 as compared to $35.80 billion in January 2023 despite global uncertainties including the Red Sea crisis. In contrast, imports also rose by about 3 per cent to $54.41 billion in January 2024 as compared to $52.83 billion in January 2023. As a result, India's trade deficit has grown to $17.49 billion in January 2024, a slight increase from $17.03 billion in January 2023.
According to the data, merchandise exports for the period April-January 2023-24 were $353.92 billion as against $372.10 billion during April-January 2022-23. Merchandise imports for the period April-January 2023-24 were $561.12 billion as against $601.47 billion during April-January 2022-23. The merchandise trade deficit for April-January 2023-24 was estimated at $207.20 billion as against $229.37 billion during April-January 2022-23.
It further stated that non-petroleum and non-gems & jewellery exports in January 2024 were $26.12 billion as compared to $25.48 billion in January 2023. Non-petroleum and non-gems & jewellery exports during April-January 2023-24 was $256.83 billion as compared to $259.21 billion in April-January 2022-23. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in January 2024 were $33.72 billion as compared to $34.51 billion in January 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $354.46 billion in April-January 2023-24 as compared to $367.51 billion in April-January 2022-23.
