According to
export import data released by the commerce ministry on Wednesday, India's exports in January decreased by 6.58 percent to $32.91 billion from $35.23 billion in the corresponding month last year. In December 2022, merchandise exports totalled $34.48 billion.
Compared to January 2022, when imports totalled $52.57 billion, they decreased by 3.63 percent in January to $50.66 billion. In December 2022, merchandise imports totalled $58.24 billion.
The trade deficit decreased from $23.76 billion in December to $17.75 billion in January. But from April through January of current fiscal year, the nation's exports of goods increased by 8.51% to $369.25 billion. Over the time, imports rose by 21.89% to $602.20 billion.
With a decrease in the product trade deficit, an increase in services exports, and faster remittance growth than anticipated, India's external situation remains steady.
Shaktikanta Das, governor of the Reserve Bank of India, anticipates increased foreign investment and a future decline in the current account deficit.
The third quarter showed signs of improvement as the merchandise trade imbalance shrunk and imports decreased as a result of falling commodity prices.
