Merchandise exports contract 1% in Dec

India's merchandise exports in December contracted by nearly 1% to $38.01 billion on an annualised basis on lower exports of gems, jewelry and petroleum products, but cumulative goods exports recorded a 1.6% year-on-year growth at $321.71 billion in the first-three quarters of current financial year despite global headwinds, according to government data released on Wednesday.

- Rajeev Jayaswal

Citing overall (goods and services combined) trade data for three quarters of FY25, commerce secretary Sunil Barthwal said: "We are sure that we will be crossing $800 billion this fiscal year." India registered a record $776.68 billion exports in FY24.

Services exports are expected to show 3.25% year-on-year growth in December 2024 to $32.66 billion and the cumulative value of them in the first-three quarters of FY24 is projected at $280.94 billion, a 11.6% annualized jump. Total exports (goods and services combined) in the three quarters (April-December 2024) is estimated at $602.64 billion, a 6% growth compared to $568.36 billion in April-December 2023.