India Trade January 2024

India: Merchandise exports rise at a quicker pace in January

Merchandise exports shot up 12.2% on an annual basis in January (December: +11.5% year-on-year). The outturn marked the fastest increase since June 2022. Meanwhile, merchandise imports climbed 7.4% on an annual basis in January (December: +0.0% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 17.5 billion shortfall in January (December 2023: USD 19.8 billion deficit; January 2023: USD 17.8 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 248.2 billion deficit in January, compared to the USD 248.4 billion deficit in December.

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