: December exports drop 12% YoY; trade deficit touch .8 bn #FinanceIndia #StockMarketNEWS December exports drop 12% YoY; trade deficit touch .8 bn New Delhi, Jan 17 (KNN) Recording second contraction

@StockMarketNEWS Tue 24 Jan, 2023

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December exports drop 12% YoY; trade deficit touch .8 bn #FinanceIndia #StockMarketNEWS
December exports drop 12% YoY; trade deficit touch .8 bn New Delhi, Jan 17 (KNN) Recording second contraction in three months, India’s merchandise exports has declined by 12 per cent in December 2022 from previous year same month at USD 34.5 billion.

This is a clear impact of the western recessional waves hitting India’s foreign trade which has also resulted into higher imports led to a rise in trade deficit to almost USD 23.8 billion in December from USD 22.6 billion in the previous month.

However it’s still way below July’s record level of USD 30 billion.

Goods exports had contracted by 16.65 per cent on year in October, while a flat growth was reported in November, as per a data shared by Ministry of Commerce & Industry.

Reflecting the impact of subdued domestic goods consumption in recent months, imports too dropped in December, although at a slower pace of 3.5 per cent, to USD 58.2 billion.

Non-petroleum and non-gems & jewellery exports in December 2022 were USD 27.00 billion, compared to USD 29.52 billion in December 2021 and their imports in December 2022 were USD 36.93 billion against USD 35.95 billion in December 2021. (KNN Bureau)

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