New Delhi: Amid slowdown in major advanced economies, India’s merchandise exports slumped 12 per cent year-on-year to US$ 34.48 billion in December 2022.
Merchandise imports value during December 2022 stood at US$ 58.24 billion as compared to US$ 60.33 billion in the corresponding month of 2021. The trade deficit during December 2022 stood at US$ 23.76 billion.
On cumulative basis, merchandise exports during April-December period of the current fiscal stood at US$ 332.76 billion as against US$ 305.04 billion in the corresponding period of the previous year registering a growth of 9.09 per cent.
Total merchandise imports during April-December period were US$ 551.70 billion as against US$ 441.50 in the same period previous year recording a growth of 25 per cent.
Following the Russia-Ukraine war, most advanced countries have seen high inflation as commodity prices rose sharply. As central banks raised interest rates to check inflation, growth prospects dimmed. Most international agencies and economists have predicted a tough 2023 from an economic point of view.