While exports decline to $61.82bn, imports in December 2022 also declined to $73.80bn
India’s overall exports (merchandise and services) in December 2022 declined by 5.26 per cent to $61.82 billion as against $65.25 billion in the same month last year, according to the data released by the commerce ministry on Monday.
Imports in December 2022 also declined to $73.80 billion as against $75.27 billion in the same month last year.
During April-December, the country’s overall exports rose to $568.57 billion from last year’s $489.69 billion. Imports during the period increased to $686.70 billion from last year’s $546.95 billion.
Commerce Secretary Sunil Barthwal said that despite global headwinds, India’s exports have held their heads high.
“Weakening global demand amid a synchronised rise in interest rates to ward off multi-decade high inflation has led to economists predicting a gloomy 2023 for India, with the poor external environment expected to weigh on India’s growth,” Barthwal said.
According to the commerce ministry, 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), India and Ireland were the only nations to register a growth of economic activity in December 2022.
In spite of the high base, highest ever record of exports last year, India’s overall exports (merchandise and services combined) in April-December 2022 are estimated to exhibit a positive growth of 16.11 per cent over the same period last year (April-December 2021).
“December last year has been the second highest monthly export (merchandise and services) during 2021-22. As such, due to the high base effect, the overall export (merchandise and services combined) of $61.82 billion in December 2022 exhibited a negative growth of (-) 5.26 per cent over the same period last year (December 2021),” the ministry said.