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However, a closer look at the sector-wise breakdown reveals divergent trends.
Merchandise exports in December demonstrated resilience, growing to USD 38.45 billion, a slight increase from USD 38.08 billion in December 2023.
This positive momentum in merchandise exports highlights certain sectors’ ability to navigate global challenges and capitalize on opportunities.
On the other hand, services exports experienced a dip in December, reaching USD 27.88 billion, down from USD 31.19 billion in the same period last year.
The decline in services exports reflects the broader economic challenges and global uncertainties affecting this sector.
Services imports, too, registered a decline in December, reaching USD 13.25 billion compared to USD 15.81 billion in December 2023.
This reduction in service imports could be a response to various economic factors and changing global dynamics.
The overall December imports, considering both merchandise and services, also saw a decline, totalling USD 71.50 billion, down from USD 77.03 billion in December 2023.
This decline in imports might be attributed to a combination of factors, including evolving market conditions and economic considerations.
Despite the nuanced trade dynamics, the December trade deficit narrowed to USD 5.17 billion, showcasing a positive trend compared to USD 7.75 billion in December 2022.
The reduced trade deficit suggests a more balanced trade scenario, where the decline in imports might have contributed to a healthier trade position.
These figures depict a complex trade landscape, reflecting the intricate interplay of global economic conditions, sector-specific challenges, and India’s adaptability in the face of evolving trade dynamics.
The Commerce Ministry’s data offers valuable insights into the intricacies of India’s trade performance, providing a basis for further analysis and strategic decision-making. (ANI)