NEW DELHI: India’s trade performance in December witnessed a nuanced pattern, with the overall exports, encompassing both merchandise and services, declining to $66.33 billion compared to $69.29 billion in December 2022, as per data released by the Commerce Ministry.
However, a closer look at the sector-wise breakdown reveals divergent trends. Merchandise exports in December demonstrated resilience, growing to $38.45 billion, a slight increase from $38.08 billion in December 2023. This positive momentum in merchandise exports highlights certain sectors’ ability to navigate global challenges and capitalize on opportunities.
On the other hand, services exports experienced a dip in December, reaching $27.88 billion, down from $31.19 billion in the same period last year. The decline in services exports reflects the broader economic challenges and global uncertainties affecting this sector.
Services imports, too, registered a decline in December, reaching $13.25 billion compared to $15.81 billion in December 2023. This reduction in service imports could be a response to various economic factors and changing global dynamics.
The overall December imports, considering both merchandise and services, also saw a decline, totalling $71.50 billion, down from $77.03 billion in December 2023. This decline in imports might be attributed to a combination of factors, including evolving market conditions and economic considerations.
Despite the nuanced trade dynamics, the December trade deficit narrowed to $5.17 billion, showcasing a positive trend compared to USD 7.75 billion in December 2022. The reduced trade deficit suggests a more balanced trade scenario, where the decline in imports might have contributed to a healthier trade position.
These figures depict a complex trade landscape, reflecting the intricate interplay of global economic conditions, sector-specific challenges, and India’s adaptability in the face of evolving trade dynamics. The Commerce Ministry’s data offers valuable insights into the intricacies of India’s trade performance, providing a basis for further analysis and strategic decision-making. (ANI)