NEW DELHI: India’s merchandise exports contracted 1% year-on-year even as imports rose 4.9% in December 2024, government data released on Wednesday showed. The trade deficit narrowed to $21.94 in December month-on-month compared to $32 billion in November as gold imports halved to $4.7 billion. In November 2024, gold imports had surged 186% year-on-year to $9.9 billion. In December 2023, the merchandise trade deficit was $18.76 billion.
Services exports during the month rose by 3.25% year-on-year, while imports grew 12%. Total trade deficit (merchandise plus services) widened to $6.78 billion in December 2024 compared to $2.76 billion in the year-ago period.
Merchandise exports during April-December 2024 were $321.71 billion compared to $316.65 billion during April-December 2023. Merchandise imports during the period were $532.48 billion compared to $506.39 billion a year ago. Merchandise trade deficit during the nine-month period of the current financial year widened to $210.77 billion from $189.74 billion a year ago.
Total exports during April-December 2024 is estimated at $602.64 billion, registering 6.03% growth.
According to Deepali Agrawal, deputy MD of India Exim Bank, the trade data highlights India’s sustained growth momentum in non-oil, non-gems and jewellery exports, aided by robust contribution from labour, tech-intensive manufacturing sectors.