Exports contract 1% in Dec; trade deficit narrows to around $22 bn

IMPORTS ROSE BY ABOUT 5% TO $59.95 BN

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India's trade deficit narrowed to USD 21.94 billion in December after last month's shocking surge to a lifetime high on the back of miscalculations in gold imports, government data showed on Wednesday.

Exports contracted for the second month in a row by about one per cent year-on-year to USD 38.01 billion due to global uncertainties, while imports rose by about 5 per cent to USD 59.95 billion.

Key export sectors, including petroleum, gems and jewellery, and chemicals, have registered negative growth during the month under review.

Petroleum product shipments have declined by 28.62 per cent to USD 4.91 billion last month. During the first nine months of this fiscal also, these exports contracted by 20.84 per cent year-on-year to USD 49 billion.

However, textiles, electronics, engineering, rice and marine products recorded healthy growth in December 2024.