According to data from the government's Niryat portal, exports of chemicals and petroleum products stood at $59.16 billion in April-December 2023, down 12.54% from $67.64 billion in the year-ago period.
In April to December 2021, India's export value of chemicals and petroleum products amounted to $44.28 billion.
Earnings from exports to Europe, North America and CIS region rose but not enough to balance out declines in shipments to South America, West Asia-North Africa (WANA), South Asia, ASEAN and North East Asia.
The price of Brent crude, which stood at $79.88 a barrel on Tuesday, has declined 8.42% in the last year.
A commerce ministry spokesperson didn't respond to emailed queries.
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