India's trade deficit dropped sharply to $21.94 billion in December 2024, down from $31.83 billion in November, mainly due to lower gold imports and a reduced net oil import bill. Exports fell 1% year-on-year to $38.01 billion, while imports rose 4.8% to $59.95 billion but eased from November’s $63.86 billion. Key export sectors like petroleum products and gems saw declines, but textiles, electronics, and engineering goods showed strong growth. From April to December, exports grew 1.6% to $321.71 billion, and imports rose 5.15% to $532.48 billion, widening the trade deficit to $210.77 billion.