Exports marginally up at $38.45 billion in December; trade deficit narrows

The country’s exports edged up 1% to $38.45 billion in December 2023 while the trade deficit narrowed to a three-month low of $19.8 billion

The country's exports edged up 1% to $38.45 billion in December 2023 while the trade deficit narrowed to a three-month low of $19.8 billion, official data released on Monday showed.

Imports declined by 4.85% to $58.25 billion in December last year due to a dip in crude oil shipments.

The previous low in trade deficit — the difference between imports and exports — was recorded in September at $19.37 billion. In December 2022, it was $23.14 billion.

Crude oil imports declined by 22.77% to about $15 billion during the month under review.

However, gold imports jumped 156 per cent in December 2023 to $3 billion. Crude oil imports in April-December 2023-24 declined by about 19% to $128.6 billion while gold imports surged by 26.64% to about $36 billion in April-December 2023.

Exports during April-December this fiscal dipped by 5.7% to $317.12 billion. Imports contracted by 7.93% to $505.15 billion, leaving a trade deficit of $188.02 billion in the first three quarters as against $212.34 billion in April-December 2022.

Briefing reporters on the data, Commerce Secretary Sunil Barthwal said that despite a global slowdown, "we are in the positive zone and the trade deficit has also come down".