More Stories

Informist, Wednesday, Jan. 15, 2025

 

Please click here to read all liners published on this story

--India Dec exports $38.01 bln vs $38.39 bln yr ago
--India Dec imports $59.95 bln vs $57.15 bln yr ago
--India Dec trade deficit $21.94 bln vs $18.76 bln year ago
--India Apr-Dec exports $321.71 bln vs $316.65 bln yr ago 
--India Apr-Dec imports $532.48 bln vs $506.39 bln yr ago 
--India Apr-Dec trade deficit $210.77 bln vs $189.74 bln year ago 
--India Dec non-oil imports at $44.68 bln vs $42.21 bln yr ago 
--India Dec non-oil exports at $33.09 bln vs $31.50 bln yr ago 
--India Apr-Dec non-oil imports at $394.17 bln vs $376.42 bln yr ago 
--India Apr-Dec non-oil exports at $272.70 bln vs $254.74 bln yr ago 
--India Apr-Dec oil imports at $138.31 bln vs $129.97 bln yr ago 
--India Apr-Dec electronic goods imports $72.13 bln vs $65.43 bln yr ago 
--India Apr-Dec gold imports $42.09 bln vs $35.95 bln yr ago 
--India Apr-Dec engineering goods export $87.22 bln vs $79.33 bln yr ago 
--India Apr-Dec petroleum product exports $49.01 bln vs $61.91 bln yr ago 
--India Apr-Dec electronic goods exports $26.12 bln vs $20.31 bln yr ago 
--India Dec engineering goods export $10.84 bln vs $10.01 bln yr ago 
--India Dec electronic goods exports $3.58 bln vs $2.45 bln yr ago
--India Dec gold imports $4.7 bln 
--India Dec crude oil imports $15.2 bln
--Trade secy: New panel to formulate procedure for trade data compilation 
--Trade secy: Formed panel for coordination between DGCIS, other systems 
 

 

NEW DELHI – India's trade deficit sharply narrowed to $21.94 billion in December compared to November's revised deficit of $31.82 billion, which was a record high, data released by the commerce ministry on Wednesday showed. The trade deficit was $18.76 billion in December 2023.

 

Merchandise exports fell 1.0% on year to $38.01 billion in the last month of 2024, while imports were up 4.9% on year at $59.95 billion. As per the revised commerce ministry data, India exported goods worth $32.04 billion in November, while it imported $63.86 billion worth of goods. 

 

The merchandise trade data for November had come under scrutiny as the government had double-counted imports of gold and silver due to a technical glitch. The government had to revise the November trade data, lowering the gold import figure for the month by $5 billion. 

 

According to the commerce ministry, due to the migration of the data transmission mechanism from the SEZ Online system to Indian Customs Electronic Data Interchange Gateway, or ICEGATE, the system had calculated imports of both the previous metals into special economic zone and subsequent clearance into domestic tariff area as separate transactions after the migration. This led to double-counting of precious metal imports. 

 

To avoid such data errors in the future, the government has formed a special committee that will formulate a standard operating procedure for coordination among the customs department, Directorate General of Commercial Intelligence and Statistics, and other departments involved in compilation of trade data, Trade Secretary Sunil Barthwal said. There is a possibility of further revision in the trade data available for the current fiscal year so far, another commerce ministry official said.

 

In Apr-Dec, India exported goods worth $321.71 billion compared to $316.65 billion a year ago. Imports rose to $532.48 billion during Apr-Dec from $506.39 billion in the previous year. The trade deficit during Apr-Dec widened to $210.77 billion from $189.74 billion a year ago. 

 

Non-oil imports rose to $44.68 billion in December from $42.21 billion a year ago, while the country imported $15.3 billion worth of crude oil during the month. Gold imports fell to $4.7 billion in December from $9.84 billion in November.  

 

Non-oil exports increased to $33.09 billion in the last month of 2024 from $31.50 billion in December 2023.

 

In the first nine months of 2024-25 (Apr-Mar), non-oil imports rose to $394.17 billion from $376.42 billion a year ago. Oil imports were at $138.31 billion in Apr-Dec, higher than $129.97 billion in the same period in 2023.

 

Gold imports rose to $42.09 billion in Apr-Dec from $35.95 billion a year ago. India imported electronic goods worth $72.13 billion in Apr-Dec compared to $65.43 billion a year ago.

 

Non-oil exports increased to $272.70 billion in Apr-Dec from $254.74 billion a year ago. India exported petroleum products worth $49.01 billion in Apr-Dec, lower than $61.91 billion in the same period in 2023. 

 

Engineering goods exports were $87.22 billion in Apr-Dec against $79.33 billion in the previous year, while electronic goods exports rose to $26.12 billion from $20.31 billion. In December, engineering goods exports were $10.84 billion, a tad higher than $10.01 billion in December 2023. Electronic goods exports rose to $3.58 billion in the last month of 2024 from $2.45 billion in December 2023.

 

The following tables detail trade data for December and Apr-Dec, in billion dollars, and the percentage changes:

 

	Dec-24	Dec-23	Year-on-year change (%)
Exports	38.01	38.39	-0.99
Engineering goods	10.84	10.01	8.29
Gems and jewellery	2.13	2.9	-26.55
Petroleum products	4.92	6.89	-28.59
Imports	59.95	57.15	4.90
Crude oil	15.27	14.94	2.21
Non-oil imports	44.68	42.21	5.85
Electronic goods	8.34	7.61	9.59
Gold	4.7	3.03	55.12
Trade deficit	21.94	18.76	16.95

 

	Apr-Dec 2024-25	Apr-Dec 2023-24	Year-on-year change (%)
Exports	321.71	316.65	1.60
Imports	532.48	506.39	5.15
Crude oil imports	138.31	129.97	6.42
Non-oil imports	394.17	376.42	4.72
Gold imports	42.09	35.95	17.08
Trade deficit	210.77	189.74	11.08

 

End

 

US$1 = INR 86.36

 

Reported by Krity Ambey and Shubham Rana

Edited by Tanima Banerjee

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.