India’s trade deficit ballooned to $83.5 billion in FY22, a manifold rise from Covid-hit year of 2020-21 when it was $13.2 bn, shows govt data.

The country’s exports declined 6.58% to $32.91 billion in January 2023 against $35.23 billion during the corresponding period last year, the data released by the commerce ministry shows. Imports, on the other hand, dipped 3.63% to $50.66 billion in January 2023, down from 52.57 billion in the year-ago period. With this, the country’s trade deficit in January stood at $17.75 billion.

India’s exports had declined by 5.2% YoY to $61.82 billion in December 2022 against $65.25 billion in the year-ago period. The imports in the month declined 1.9% YoY to $73.80 billion against $75.27 billion in December 2021.

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