Exports contracts 2.38% in Jan, trade deficit widens to $23 billion

Merchandise exports in January stood at $36.43 billion compared with $38.01 billion in December, while imports for the month were $59.42 billion. In December, imports were at $59.95 billion

India's exports declined for the third month in a row in January by 2.38 per cent to $37.32 billion due to volatility in petroleum prices and global uncertainties.

 

The trade deficit widened to $222.99 billion as imports rose by 10.28 per cent year-on-year to $59.42 billion in January, according to the Commerce Ministry data.

 

Cumulatively, during April-January this fiscal, exports rose by 1.39 per cent to $358.91 billion and imports by 7.43 per cent to $601.9 billion.

 

Trade deficit, the difference between imports and exports, during the ten-month period widened to $242.99 billion.

 

While the deficit was $21.94 billion in December and $16.55 billion in January last year.

 

Commerce Secretary Sunil Barthwal told reporters that despite economic uncertainties in the world, India's exports are doing better in both goods and services sectors.

 

He said that sectors like electronics, pharma, rice and gems and jewellery are registering health growth rates during the month under review.

 

"Despite conflicts, and tariff retaliation around the world, we are doing well," Barthwal said, adding India's goods and services exports would cross $800 billion in 2025-25.

 

It was $778 billion in 2023-24.

 

In January, the country's gold imports rose to $2.68 billion from $1.9 billion in the same month last year. It was $4.7 billion in December 2024.

 

Crude oil imports fell to $13.43 billion from $16.56 billion in January 2024. It was $15.27 billion in December 2024.