EXIM Data: Trade Deficit narrows by 10 billion USD

January 23, 2023

The Government of India recently revised its import bill. With this revision, the country’s foreign trade between April 2022 and November 2022 differs from the estimates made by the Ministry of Commerce. Import bill has been increased or decreased in each of these months by at least 2 billion USD. According to the revision, the total merchandise exports made by India during these eight months amount to 298 billion USD. Earlier it was 276 billion USD. This is 12 billion USD higher than the estimates produced. The trade deficit was 10 billion USD lower than the estimates made previously.

Revisions

Apart from the above revisions, the trade deficit was also revised. Accordingly, India faced the highest trade deficit in September and not in July.
Total merchandise exports were higher by 12 billion USD
The trade deficit was 10 billion USD lower

What is an import bill?

The import bill is the total import made by a country. It includes all the goods and services imported. Say India bought Palm oil from Malaysia. To this Malaysia sent a bill of 2 million USD. Now, this 2 million USD is an import bill for India.

What are merchandise exports?

The goods that are exported from India are merchandise exports. This includes raw materials produced in the country. Also, the value-added products, like an assembled engine. And also finished goods.

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