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India's export growth showed a positive surge
The latest data on merchandise exports showed significant growth.
Representative Image / Unsplash
India's overall exports (Merchandise and Services combined) saw a growth of 0.96 percent in December 2023, reaching US$38.45 billion compared to US$38.08 billion during the same period in 2022.
According to a government release, contributors to this growth included engineering goods, iron ore, gems and jewellery, electronic goods, and drugs and pharmaceuticals.
In December 2023, engineering goods exports recorded an increase of 10.19 percent, reaching US$10.04 billion, the highest monthly export for the sector. Gems and jewellery exports also improved by 14.07 percent, totaling US$2.90 billion.
Electronic goods exports surged by 14.41 percent, reaching US$2.62 billion, also marking the highest monthly export. Additionally, Drugs and pharmaceutical products witnessed a 9.30 percent increase, reaching US$2.47 billion.
Notably, agricultural exports continued to grow in last year, with growth numbers in various categories such as meat, dairy and poultry products (29.76 percent), spices (27.68 percent), fruits and vegetables (25.36 percent), cereal preparations and miscellaneous processed items (13.5 percent), and oil seeds (8.48 percent).
The overall trade deficit during April-December 2023 showed an improvement, decreasing by 35.87 percent from US$108.13 Billion in 2022 to US$69.34 Billion in 2023.
Despite the challenges posed by the global economic landscape, India's export sector, particularly in key industries, showed adaptability, the government release stated adding that efforts to enhance trade balance and reduce overall trade deficits were promising signs for the Indian economy.
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