India's Trade Deficit Widened In December After Goods Exports Dropped 12%


  • 16 Jan, 2023
  • Brian Turner


  • Overall international trade deficit soared in December after goods exports contracted at a faster pace than energy imports. Services trade surplus increased slightly resulting in a widening of overall trade deficit.

    Merchandise exports declined 12.2% in December from a year ago to $34.48 billion and imports contracted 3.5% to $58.24 billion, said Ministry of Commerce and Industry in a report released on Monday. 

    International goods deficit widened to $23.76 billion from $21.06 in the month a year ago. 

    In December, services export increased to $27.3 billion from $26 billion and imports rose to $15.6 billion from $15 billion a year ago. 

    Services trade surplus increased to $11.8 billion from $11.1 billion. 

    Overall exports of goods and services declined 5.2% to $61.8 billion and imports declined 2.0% to $73.80 billion, resulting in overall trade deficit of $12 billion compared to $10.02 billion a year ago. 

    In the period between April and December, overall exports rose to $568.6 billion from $489.7 billion and imports expanded to $686.7 billion from $547 billion a year ago. 

    Overall international trade deficit increased to $118.1 billion from $57.2 billion a year ago. 


Indexes Popular Gainer Loser Press Release