The Wire Staff 
New Delhi: India’s goods exports contracted one per cent year-on-year in December to over $36 billion while imports increased by 4.9 per cent to around $60 billion.
Gold imports comprised a significant portion of the imports, with the total import of the yellow metal being of $9.9 billion in November and $4.7 billion in December. This marked an increase of 55.4 per cent when compared to gold import figures of December 2023, reported The Hindu.
Commerce Secretary Sunil Barthwal tried to downplay the concerns about the fall in exports by reasoning that shipment have grown in every quarter through the first nine months of this financial year.
Petroleum imports increased by 2.2 per cent to $15.3 billion in December while exports of petroleum products saw a sharp fall of 28.6 per cent to only $4.9 billion.
Federation of Indian Exporters’ Organisation (FIEO) president Ashwani Kumar said that “urgent” measures in the upcoming Union Budget are needed to boost manufacturing and labour-intensive sectors, and resolve the trade finance issues that adversely impacts the competitiveness of micro, small and medium enterprises.