Trade Deficit Narrows In January Amid A Decline In Exports And Imports

India's trade deficit narrowed in January as imports fell at a faster rate than exports.

The trade deficit narrowed to $17.75 billion in January, compared with $23.76 billion in December 2022, according to data shared by the Ministry of Commerce and Industry at a media briefing.

• Exports contracted by 6.6% to $32.91 billion y-o-y.

• Imports contracted by 3.6% to $50.7 billion y-o-y.

• On a sequential basis, exports contracted by 4.6% in January, while imports contracted by 13%.

Along with services, exports rose to $65.15 billion in January 2023, compared to $61.82 in December 2022. Imports rose to $66.42 billion in January 2023, compared to $58.24 billion in December.