India Trade January 2023

India: Merchandise exports fall in January

Merchandise exports declined 6.6% on an annual basis in January (December: -12.2% year-on-year). Meanwhile, merchandise imports fell 3.6% over the same month last year in January (December: -3.5% yoy), marking the weakest reading since November 2020.

As a result, the merchandise trade balance improved from the previous month, recording a USD 17.8 billion deficit in January (December 2023: USD 23.8 billion deficit; January 2022: USD 17.3 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 286.0 billion deficit in January, compared to the USD 285.6 billion deficit in December.

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