INDIAN MERCHANDISE EXPORTS in absolute terms clocked an eightmonth-high figure of $38.35 billion in December, while also being up 0.97% on year, despite a high base.
The latest foreign trade data showed the Red Sea crisis hasn't had a severe immediate effect on India's shipment of goods, although concerns remain about the adverse effect on exports if the crisis is prolonged.
Merchandise trade deficit, which has tested new highs this financial year, narrowed to a three-month low of $19.8 billion in December. This was because imports fell 4.85% to $58.25 billion in the month.
The previous low in trade deficit was in September at $19.7 billion. In December last year, the trade deficit was $23.14 billion.
Goods export growth has been in the negative territory for all months since February 2023, except August, October and December.
"We were thinking that the December data would not be so good because of the Israel-Hamas conflict and the Red Sea issue. Fortunately, on a very high base we have improved," commerce secretary Sunil Barthwal said.
This story is from the January 16, 2024 edition of Financial Express Mumbai.
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This story is from the January 16, 2024 edition of Financial Express Mumbai.
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