Major contributors to export growth in December 2023 include Engineering Goods, Iron Ore, Gems & Jewellery, Electronic Goods and Drugs & Pharmaceuticals.

Engineering Goods exports in December 2023 record an increase of 10.19 percent at USD 10.04 Billion over USD 9.11 Billion in December 2022. December 2023 record is the highest monthly export of engineering goods in the current financial year so far.

Gems and Jewellery exports in December 2023 improve by 14.07 percent at USD 2.90 Billion from USD 2.54 Billion in December 2022.

Electronic Goods exports registered an increase of 14.41 percent at USD 2.62 Billion in December over USD 2.29 Billion in December 2022. December 2023 record is the highest monthly export of electronics in the current financial year so far.

Drugs and Pharmaceutical Products in December 2023 at USD 2.47 Billion registered an increase of 9.30 percent over USD 2.27 Billion in December 2022. December 2023 record is the highest monthly export of Drugs and Pharmaceuticals Products in the current financial year so far.

Agricultural exports continue to grow in December 2023: Tobacco (38.94%), Meat, Dairy & Poultry Products (29.76%), Spices (27.68%), Fruits & Vegetables (25.36%), Cereal Preparations & Miscellaneous Processed Items (13.5%) and Oil Seeds (8.48%).

Overall trade deficit during April-December improves by 35.87 percent from USD 108.13 Billion in 2022 to USD 69.34 Billion in 2023; merchandise trade deficit also improves by 11.45 percent from USD 212.34 Billion in April-December 2022 to USD 188.02 Billion in April-December 2023.

India’s overall exports (Merchandise and Services combined) in December 2023* is estimated to be USD 66.33 Billion, exhibiting a negative growth of (-) 4.25 per cent over December 2022. Overall imports in December 2023* is estimated to be USD 71.50 Billion, exhibiting a negative growth of  (-) 7.18 per cent over December 2022.

Table 1: Trade during December 2023*

* Note: The latest data for services sector released by RBI is for November 2023. The data for December 2023 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-December 2022 and April-September 2023 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Overall Trade during December 2023*

• India’s overall exports (Merchandise and Services combined) in April-December 2023* are estimated to be USD 565.04 Billion, exhibiting a negative growth of (-) 1.87 per cent over April-December 2022. Overall imports in April-December 2023* are estimated to be USD 634.39 Billion, exhibiting a negative growth of (-) 7.24 per cent over April-December 2022.

Table 2: Trade during April-December 2023*

Fig 2: Overall Trade during April-December 2023*

MERCHANDISE TRADE

• Merchandise exports in December 2023 were USD 38.45 Billion, as compared to USD 38.08 Billion in December 2022.
• Merchandise imports in December 2023 were USD 58.25 Billion, as compared to USD 61.22 Billion in December 2022.

Fig 3: Merchandise Trade during December 2023

• Merchandise exports for the period April-December 2023 were USD 317.12 Billion as against USD 336.30 Billion during April-December 2022.
• Merchandise imports for the period April-December 2023 were USD 505.15 Billion as against USD 548.64 Billion during April-December 2022.
• The merchandise trade deficit for April-December 2023 was estimated at USD 188.02 Billion as against USD 212.34 Billion during April-December 2022.

Fig 4: Merchandise Trade during April-December 2023

• Non-petroleum and non-gems & jewellery exports in December 2023 were USD 28.67 Billion, compared to USD 27.19 Billion in December 2022.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in December 2023 were USD 37.96 Billion, compared to USD 38.04 Billion in December 2022.

Table 3: Trade excluding Petroleum and Gems & Jewellery during December 2023

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 5: Trade excluding Petroleum and Gems & Jewellery during December 2023

• Non-petroleum and non-gems & jewellery exports during April-December 2023 was USD 230.74 Billion, as compared to USD 233.73 Billion in April-December 2022.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 320.75 Billion in April-December 2023 as compared to USD 333 Billion in April-December 2022.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-December 2023

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-December 2023

SERVICES TRADE

• The estimated value of services export for December 2023* is USD 27.88 Billion, as compared to USD 31.19 Billion in December 2022.
• The estimated value of services import for December 2023* is USD 13.25 Billion as compared to USD 15.81 Billion in December 2022.

Fig 7: Services Trade during December 2023*

• The estimated value of services export for April-December 2023* is USD 247.92 Billion as compared to USD 239.50 Billion in April-December 2022.
• The estimated value of services imports for April-December 2023* is USD 129.24 Billion as compared to USD 135.29 Billion in April-December 2022.
• The services trade surplus for April-December 2023* is estimated at USD 118.68 Billion as against USD 104.21 Billion in April-December 2022.

Fig 8: Services Trade during April-December 2023*

• For the month of December 2023, under merchandise exports, 17 of the 30 key sectors exhibited positive growth in December 2023 as compared to same period last year (December 2022). These include Iron Ore (265.64%), Tobacco (38.94%), Meat, Dairy & Poultry Products (29.76%), Spices (27.68%), Fruits & Vegetables (25.36%), Electronic Goods (14.41%), Gems & Jewellery (14.07%), Cereal Preparations & Miscellaneous Processed Items (13.5%), Plastic & Linoleum (10.43%), Engineering Goods (10.19%), Handicrafts Excl. Hand Made Carpet (9.37%), Drugs & Pharmaceuticals (9.3%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (8.62%), Oil Seeds (8.48%), Mica, Coal & Other Ores, Minerals Including Processed Minerals (5.17%), Carpet (3.82%) and Ceramic Products & Glassware (2.95%).
• Under merchandise imports, 15 out of 30 key sectors exhibited negative growth in December 2023. These include Sulphur & Unroasted Iron Pyrites (-67.97%), Transport Equipment (-55.11%), Vegetable Oil  (-39.21%), Fertilisers, Crude & Manufactured (-36.37%), Project Goods (-30.8%), Pulp And Waste Paper (-28.86%), Newsprint (-23.65%), Petroleum, Crude & Products (-22.77%), Silver (-19.11%), Organic & Inorganic Chemicals (-15.58%), Chemical Material & Products (-14.37%), Textile Yarn Fabric, Made-Up Articles (-12.34%), Pearls, Precious & Semi-Precious Stones (-11.73%), Iron & Steel (-2.44%) and Dyeing/Tanning/Colouring Mtrls. (-2.42%),
• For April-December 2023, under merchandise exports, 14 of the 30 key sectors exhibited positive growth during April-December 2023 as compared to April-December 2022. These include Iron Ore (215.54%), Oil Meals (27.36%), Electronic Goods (22.24%), Ceramic Products & Glassware (18.75%), Fruits & Vegetables (16.29%), Tobacco (13.15%), Oil Seeds (9.4%), Meat, Dairy & Poultry Products (8.87%), Drugs & Pharmaceuticals (8.2%), Cereal Preparations & Miscellaneous Processed Items (7.07%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (6.03%), Spices (5.83%), Coffee (4.25%) and Cashew (0.13%).
• Under merchandise imports, 16 of the 30 key sectors exhibited negative growth in April-December 2023 as compared to April-December 2022. These include Cotton Raw & Waste (-62.22%), Silver (-52.65%), Sulphur & Unroasted Iron Pyrts (-39.37%), Fertilisers, Crude & Manufactured  (-36.35%), Vegetable Oil  (-27.72%), Coal, Coke & Briquettes, Etc. (-27.72%), Pearls, Precious & Semi-Precious Stones (-25.92%), Organic & Inorganic Chemicals (-21.03%), Petroleum, Crude & Products (-18.93%), Textile Yarn Fabric, Made-Up Articles (-15.21%), Transport Equipment (-14.64%), Newsprint (-12.4%), Wood &  Wood Products (-11.29%), Pulp And Waste Paper (-11.06%), Leather & Leather Products (-7.46%) and Artificial Resins, Plastic Materials, Etc. (-3.13%).
• Services exports is projected to grow positively at 3.52 percent during April-December 2023 over April-December 2022.
• India’s trade deficit has shown considerable improvement in April-December 2023. Overall trade deficit for April-December 2023* is estimated at USD 69.34 Billion as compared to the deficit of USD 108.13 Billion during April-December 2022, registering a decline of (-) 35.87 percent. The merchandise trade deficit during April-December 2023 is USD 188.02 Billion compared to USD 212.34 Billion during April-December 2022, registering a decline of (-) 11.45 percent.

*Link for Quick Estimates