The growth was driven by key sectors, with engineering goods leading the way with a substantial 10.19% surge, reaching USD 10.04 billion. The gems & jewelry sector exhibited significant growth, up by 14.07% to USD 2.90 billion, while electronic goods recorded a robust performance, with a 14.41% increase totaling USD 2.62 billion in December 2023. Additionally, the drugs & pharmaceuticals sector contributed to the surge with a commendable 9.30% increase, reaching USD 2.47 billion in exports.
Agricultural exports continued their upward trajectory in December 2023, witnessing substantial growth in various categories. Noteworthy increases were observed in tobacco (38.94%), meat, dairy & poultry products (29.76%), spices (27.68%), fruits & vegetables (25.36%), cereal preparations and miscellaneous processed items (13.5%), and oil seeds (8.48%).
India witnessed a significant improvement in trade deficit during April-December 2023. The overall trade deficit decreased by 35.87%, dropping from USD 108.13 billion in 2022 to USD 69.34 billion in 2023. The merchandise trade deficit also showed improvement, declining by 11.45% from USD 212.34 billion in April-December 2022 to USD 188.02 billion in the same period of 2023.
The reduction in trade deficit and robust performances in various export sectors suggest a promising outlook for India's trade dynamics.
By Ranu Jain
