India’s exports decline 5.2% YoY to $61.82 bn in Dec

The country's overall exports declined by 5.2% year-on-year (YoY) to $61.82 billion in December 2022, as against $65.25 billion in the same period a year ago, according to the data released by the ministry of commerce. During the month, the imports declined by 1.9% YoY to $73.80 billion as against $75.27 billion in December 2021. 

The overall exports for April-December 2022 stood at $568.57 billion against $489.69 billion in the same period a year ago. The imports for this sector, during the period under review, stood at $686.70 billion as against $546.95 billion between April and December in 2021. 

"The resilient growth of the Indian economy during the first half of the current financial year, the fastest among major economies, bespeaks strengthening macroeconomic stability. However, global growth forecasts indicate a downturn in global economic activity and trade. As per the Global Composite PMI report (January 2023), new export orders have been contracting for the tenth successive month in December. The report also indicated that India and Ireland were the only nations to register growth of economic activity in December 2022," the ministry said in a statement. 

According to the ministry, the merchandise exports witnessed a decline of 12.1% in December 2022 at $34.48 billion, as against $39.27 billion in December 2021. The merchandise imports declined by 3.46% to $58.24 billion in December 2022, as against $60.33 billion in December 2021. India’s merchandise exports in November 2022 stood at $31.99 billion. 

The merchandise exports for April to December period in 2022 stood at $332.76 billion as against $305.04 billion in the same period last year. The imports for this sector, during the period under review, stood at $551.70 billion as against $441.50 billion in December 2021. The merchandise trade deficit for April to December period in 2022 was estimated at $218.94 billion as against $136.45 Billion in April to December 2021.

"India's merchandise exports exhibited a positive (y-o-y) growth in 11 out of 30 sectors in December as compared to the same period last year and imports have increased in 17 out of 30 sectors (y-o-y). Among the QE commodity groups, Iron Ore (185.76%), Oil Meals (53%), Electronic Goods (36.96%), Other Cereals (16.87%), Tea (15.97%), Rice (13.3%), Tobacco (13.07%), Ceramic Products & Glassware (11.67%), Fruits & Vegetables (8.03%), Cereal Preparations & Miscellaneous Processed Items (4.9%), RMG Of All Textiles (1.02%), registered positive growth (y-o-y) in December 2022," the ministry said. 

In terms of value, in December last year, the country’s services exports surged 5.2% to $27.34 billion as against $25.98 billion in December 2021. The country’s services imports in December 2022 increased by 4.14% to $15.56 billion as against $14.94 billion in December 2021. 

The services exports for April-December 2022 stood at $235.81 billion as against $184.65 billion in the same period last year. The imports for this sector, during the period under review, stood at $134.99 billion as against $105.45 billion in December 2021. The services trade surplus for April-December 2022 is estimated at $100.82 billion as against $79.20 Billion in April-December 2021.

The exports of non-petroleum and non-gems & jewellery exports in December 2022 stood at $27 billion, compared to $29.52 billion in December 2021. The imports of non-petroleum, non-gems & jewellery such as gold, silver and precious metals in December 2022 stood at $36.93 billion, compared to $35.95 billion in December 2021.

Between April and December in 2022, the exports of non-petroleum and non-gems & jewellery stood at $233.50 billion, as compared to $229.95 billion from April to December period in 2021. The imports of non-petroleum, non-gems & jewellery during the period under review stood at $330.78 billion as compared to $266.86 billion in April to December period in 2021. 

"Given the cumulative growth until December 2022 and the indicators of the slowdown in global economic activity, there is cautious optimism on international trade in the last quarter of the current financial year," the ministry said.