India: Merchandise exports increase in December
Merchandise exports jumped 11.5% year-on-year in December (November: -2.7% year-on-year). December’s figure marked the strongest print since June 2022. Meanwhile, merchandise imports were broadly stable (November: -6.4% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 19.8 billion deficit in December (November 2023: USD 20.6 billion deficit; December 2022: USD 23.8 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 248.4 billion deficit in December, compared to the USD 252.4 billion deficit in November.