February 13, 2025 08:59 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
President's Rule imposed in Manipur days after N Biren Singh's resignation as chief minister | Ranveer Allahbadia's 'sex with parents' remark: Mumbai Police records statements of seven people including Apoorva Mukhija | Pakistan Army violates ceasefire along LoC, suffers 'heavy casualties' after Indian troops retaliate | PM Modi meets Tulsi Gabbard, calls her 'strong votary of India-US friendship' | It is time to stop this ridiculous war: Donald Trump calls Vladimir Putin, Volodymyr Zelenskyy to end Ukraine conflict | BJP yet to name Manipur CM after N Biren Singh's resignation, President's Rule loom large over violence-hit state | After AAP rout in Delhi, INDIA bloc faces new hurdle with Sharad Pawar irking Sena by honouring Eknath Shinde | 'Are we not creating a class of parasites?' Supreme Court makes strong observations on freebies by political parties | Narendra Modi, Emmanuel Macron jointly inaugurate Indian consulate in Marseille | Kerala nursing college horror: Five senior students arrested for torturing juniors, hanging dumbbells from private parts
Trade deficit
Image Credit: Andy Li via Unsplash

Trade deficit dips to lowest in 1 yr at $17.75 billion; exports, imports shrink

| @indiablooms | Feb 16, 2023, at 06:04 am

New Delhi/IBNS: The trade deficit in the month of January dipped to the lowest in a year at $17.75 billion, as both merchandise exports and imports dropped for the second consecutive month amid lukewarm external demand and a steep decline in gold imports.

Merchandise exports contracted 6.5 percent year-on-year (YoY) to $32.91 billion in January due to a decline in demand from some of the significant markets in developed economies owing to tightening monetary policy and high inflation, data released by the commerce and industry ministry showed on Wednesday.

Compared to the month of December, the decline was 4.5 percent.

Imports declined 3.6 percent YoY to $50.66 billion. On sequential basis, there was a bigger decline at 13 percent.

This happened because of an array of factors such as the curbs on non-essential imports, weak domestic demand, and a drop in commodity prices.

Gold imports fell 70.7 percent to $697 million, reducing the current account deficit significantly.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm