Sluggish global economy along with domestic slowdown dented India’s external trade as both exports and imports showed a downtrend in December.
India’s exports fell by 1.80 per cent in December on a year-on-year basis to $27.36 billion from $27.86 billion reported for the corresponding period of the previous year.
However, on a sequential basis, exports were higher than $25.98 billion worth of merchandise that was shipped out in November.
“Non-petroleum and non-gems and jewellery exports in December 2019 were $21.05 billion, as compared to $21.16 billion in December 2018, exhibiting a negative growth of (-)0.54 per cent,” the Ministry of Commerce and Industry said in a statement.
Similarly, imports declined during the month under review. It fell by 8.83 per cent to $38.61 billion in December from $42.35 billion reported for the corresponding month of 2018.
“Oil imports in December 2019 were $10.69 billion, which was 0.83 per cent lower in dollar terms, compared to $10.78 billion in December 2018,” the ministry said.
“Non-oil imports in December 2019 were estimated at $27.92 billion, which is 11.56 per cent lower in dollar terms, compared to $31.57 billion in December 2018,” it added.