Trade deficit falls to three-month low of $19.8 billion in December

Current GK (DRDO) ( Phase -I) Indian Economy

India's goods exports growth crawled back into positive terrain in December, rising 1% to $38.5 billion, which was the highest monthly reading since March, while a fall in imports helped narrow the trade deficit to a five-month low.
Latest data released by the commerce department estimated that goods imports declined 4.7% to 58.3 billion, while the trade deficit narrowed to $19.8 billion .
Higher interest rates, following high inflation, have led to consumers cutting down discretionary spending in western countries and a fall in commodity prices has resulted in lower value of crude and refined products such as petrol and diesel.