India: Merchandise exports drop in December
Merchandise exports plummeted 12.2% year-on-year in December, contrasting Novembers 0.6% increase. Decembers figure marked the largest decline since August 2020. Meanwhile, merchandise imports declined 3.5% over the same month last year in December (November: +5.4% yoy), marking the weakest result since November 2020.
As a result, the merchandise trade balance improved from the previous month, recording a USD 23.8 billion shortfall in December (November 2022: USD 23.9 billion deficit; December 2021: USD 21.1 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 285.6 billion deficit in December, compared to the USD 283.6 billion deficit in November.