India’s overall exports in January exhibited a positive growth of 9.28 per cent at $69.72 billion compared to the same month last year, data released by the government on Thursday.
On the other hand, the overall imports in January are estimated to be $70.46 Billion, exhibiting a positive growth of 4.15 per cent over January 2023.
Importantly, the government data has said India’s trade deficit has shown considerable improvement in April-January 2023-24 with the overall trade deficit for April-January 2023-24 estimated at $70.43 Billion as compared to the deficit of $111.99 Billion during April-January 2022-23, registering a decline of (-) 37.11 per cent.
The merchandise trade deficit during April-January 2023-24 is $207.20 Billion compared to $229.37 Billion during April-January 2022-23, registering a decline of (-) 9.66 per cent.
For the period between April to January 2023-24, India’s overall exports are estimated to be $638.37 Billion, exhibiting a negative growth of (-) 0.19 per cent.
The overall imports in the same period are estimated to be USD 708.79 Billion, exhibiting a negative growth of (-) 5.69 per cent.
Merchandise exports in January 2024 were $36.92 Billion, as compared to $35.80 Billion in January 2023, while the merchandise imports in January 2024 were $54.41 Billion, as compared to $52.83 Billion in January 2023, the data said.
For April to January 2023-24, the merchandise exports were $353.92 Billion as against $372.10 Billion during April to January 2022-23.
Merchandise imports for the period April-January 2023-24 were USD 561.12 Billion as against USD 601.47 Billion during April-January 2022-23.
The merchandise trade deficit for April-January 2023-24 was estimated at USD 207.20 Billion as against USD 229.37 Billion during April-January 2022-23.
As per the government data, the estimated value of services exported for January 2024 is $32.80 Billion, as compared to $28.00 Billion in January 2023 while the estimated value of services imported for January 2024 is $16.05 billion as compared to $14.83 Billion in January 2023.