India’s merchandise exports in December 2023 registered 0.96% growth at USD 38.45 Billion over USD 38.08 Billion in December 2022.
In December 2023, India’s merchandise exports slightly grew by 0.96% to USD 38.45 Billion. Major growth areas included Engineering Goods, Iron Ore, Gems & Jewellery, Electronic Goods, and Drugs & Pharmaceuticals. Engineering Goods and Electronic Goods exports reached their highest monthly figures for the financial year. Agricultural exports like Tobacco, Meat, Dairy, Poultry Products, Spices, Fruits & Vegetables also increased.
India’s overall trade deficit improved significantly from April to December 2023, decreasing by 35.87%. The merchandise trade deficit also reduced by 11.45% during this period. While overall exports (Merchandise and Services combined) in December 2023 showed a slight decline, service exports grew, leading to a larger services trade surplus compared to the previous year.
Major contributors to export growth in December 2023 include Engineering Goods, Iron Ore, Gems & Jewellery, Electronic Goods and Drugs & Pharmaceuticals.
Engineering Goods exports in December 2023 record an increase of 10.19 percent at USD 10.04 Billion over USD 9.11 Billion in December 2022. December 2023 record is the highest monthly export of engineering goods in the current financial year so far.
Gems and Jewellery exports in December 2023 improve by 14.07 percent at USD 2.90 Billion from USD 2.54 Billion in December 2022.
Electronic Goods exports registered an increase of 14.41 percent at USD 2.62 Billion in December over USD 2.29 Billion in December 2022. December 2023 record is the highest monthly export of electronics in the current financial year so far.
Drugs and Pharmaceutical Products in December 2023 at USD 2.47 Billion registered an increase of 9.30 percent over USD 2.27 Billion in December 2022. December 2023 record is the highest monthly export of Drugs and Pharmaceuticals Products in the current financial year so far.(pib)