Indian Subcontinent Industries Market

India’s trade deficit in merchandise rose to 24% to $15.44 billion

The merchandise trade deficit was $12.49 billion in December 2019. 
The merchandise exports rose 0.14% in December from a year earlier to $27.15 billion, the data showed.
Imports grew 7.56 per cent to $42.59 billion in December, against $39.59 billion a year ago.
India’s trade deficit in goods widened to $15.44 billion in December as imports rose to $42.59 billion, pushed by a surge in gold imports, while merchandise exports were up marginally, revised data released by the government on Friday showed.
Sharad Kumar Saraf, president of exporters’ body FIEO, said 2021 has brought optimism and the vaccine rollout is expected to bring the economy back on growth trajectory, with a V-shaped recovery in world trade.
Non-oil, non-gold imports grew almost 8 per cent in December at $28.52 billion versus $26.41 billion in the corresponding month last year.
Outbound shipments were $40 million higher at $27.15 billion over $27.11 billion a year ago on the back of drugs and pharmaceuticals, electronics, and gems and jewellery exports. Oil exports continued to decline, with a 35.35 per cent fall year-on-year (YoY).
Splco Reporter
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