The commerce ministry in its latest data has showed that India's merchandise exports dipped by 12.2 per cent to $34.48 billion in December 2022 as against $39.27 billion in the same month last year. Merchandise imports in December 2022 also declined to $58.24 billion as against $60.33 billion in the same month last year. The trade deficit narrowed to $23.76 billion in December, the lowest level in eight months. The merchandise trade deficit stood at $23.89 billion in November. The trade deficit has narrowed consistently in December 2022 due to softening in imports.
As per the data, merchandise exports for the period April-December 2022 were $332.76 billion as against $305.04 billion during the period April-December 2021. Merchandise imports for the period April-December 2022 were $551.70 billion as against $441.50 billion during the period April-December 2021. The merchandise trade deficit for April-December 2022 was estimated at $218.94 billion as against $136.45 billion in April-December 2021.
The data further showed that non-petroleum and non-gems & jewellery exports in December 2022 were $27.00 billion, compared to $29.52 billion in December 2021. Non-petroleum and non-gems & jewellery exports during April-December 2022 were $233.50 billion, as compared to $229.95 billion in April-December 2021. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in December 2022 were $36.93 billion, compared to $35.95 billion in December 2021. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $330.78 billion in April-December 2022 as compared to $266.86 billion in April-December 2021.
