Merchandise Trade Deficit Narrows To Nine-Month Low Of $17.5 Billion In January

India's trade deficit narrowed in January, amid a sequential decline in exports and imports.

• Exports of engineering goods stood at $8.8 billion, 4.2% lower year-on-year.

• Petroleum product exports were at $8.2 billion, 6.6% lower than a year earlier.

• Gems and jewellery exports were at $2.6 billion, 1.26% lower on an annual basis.

• Organic and inorganic chemical exports were at $2.4 billion, 0.3% higher on an annual basis.

• Drugs and pharmaceutical exports were at $2.1 billion, 6.8% higher on an annual basis.

• Petroleum, crude, and product imports were down 4.3% from a year ago at $16.6 billion.

• Imports of coal, coke, and briquettes were down 4.8% than a year ago at $3.5 billion.

• Imports of electronic goods were at $7.9 billion, 27.8% higher over a year earlier. 

• Machinery, electrical and non-electrical goods were at $3.7 billion, 5.7%, lower on an annual basis.

Positive export growth in merchandise trade occurred despite the Red Sea crisis, recession in advanced economies, and fall in commodity prices, Commerce Secretary Sunil Barthwal said.

The EXIM bank and ECGC have been told not to increase insurance rates or premiums despite the Red Sea crisis to aid exporters, he said.