India’s merchandise trade deficit narrowed to $19.8 billion in December 2023 compared to $23.14 billion in the same month last year, the commerce ministry said on January 15.
After contracting for the last few months, goods exports growth entered the positive territory coming in at $38.45 billion in December 2023 compared to $38.08 billion in the same month last year, whereas merchandise imports fell 4.9 percent on-year.
Commerce Secretary Sunil Barthwal said, “India is beating the global trends in trade. And we expect higher volumes of exports in the last quarter of the current fiscal.”