New Delhi: India’s overall trade deficit was USD 118.13 billion in April-December 2022, according to the figures released today by the Union Ministry of Commerce and Industry.
As per the Global Composite PMI report (January 2023), new export orders contracted for the tenth successive month in December 2022. The report also indicated that India and Ireland were the only nations to register a growth of economic activity in December 2022.
India’s trade during April-December 2022
However, the Ministry stated that given the cumulative growth until December 2022 and the indicators of the slowdown in global economic activity, “there is cautious optimism on international trade in the last quarter of the current financial year”.
While the overall exports (Merchandise and Services combined) in April-December 2022 were estimated at USD 568.57 billion, the overall imports in April-December 2022 were USD 686.70 billion.
The country’s overall exports (Merchandise and Services combined) in April-December 2022, though, are estimated to exhibit a positive growth of 16.11 per cent over the same period last year (April-December 2021). As India’s domestic demand has remained steady amidst the global slump, overall imports in April-December 2022 are estimated to exhibit a growth of 25.55 per cent over the same period last year.
Overall Trade during April-December 2022
Merchandise exports for the period April-December 2022 were USD 332.76 billion as against USD 305.04 billion during the period April-December 2021. Merchandise imports for the period April-December 2022 were USD 551.70 billion as against USD 441.50 billion during the period April-December 2021.
Non-petroleum and non-gems and jewellery exports during April-December 2022 were USD 233.50 billion, as compared to USD 229.95 billion in April-December 2021.
Non-petroleum, non-gems and jewellery (gold, silver & precious metals) imports were USD 330.78 billion in April-December 2022 as compared to USD 266.86 billion in April-December 2021.
The estimated value of services exports for April-December 2022 was USD 235.81 billion as compared to USD 184.65 billion in April-December 2021. The estimated value of services imports for April-December 2022 were USD 134.99 billion as compared to USD 105.45 billion in April-December 2021.
The services trade surplus for April-December 2022 was estimated at USD 100.82 billion as against USD 79.20 billion in April-December 2021.
– global bihari bureau
