India’s goods trade deficit narrows to 3-month low of $21.94 bn in December

In December, India’s goods trade deficit drops to a three-month low of $21.94 billion.

According to data released on January 15, India’s merchandise trade deficit in December 2024 reached a three-month low of $21.94 billion. The last time India’s merchandise trade deficit was less than the current numbers, it was $20.79 billion in September.

In comparison to the revised figure of approximately $32.84 billion in November, the goods trade deficit was less in December, even on a month-over-month basis.

The nation’s merchandise trade deficit increased to a record-high of $37.84 billion in November from $27.14 billion the month before, according to the commerce ministry. However, the total import-export imbalance for that month was reduced by a $5 billion downward correction in the gold import numbers.

In December, India imported $4.7 billion worth of gold sharply lower than the revised figure of $9.84 billion in November. Inbound shipments of petroleum and crude stood at $15.3 billion.