INDIA’S GOODS EXPORTS

  • India’s goods exports have fell the steepest in three years in April, 2023 because of the weakening global demand and declining commodity prices.
  • According to the commerce ministry data, the Exports have declined by nearly 13% i.e., from $39.70 billion to $34.66 billion in the year-ago period.
  • The Merchandise imports have also fell by 14% to $49.90 billion from $58.06 billion a year earlier.
  • Consequently, the trade deficit has narrowed to $15.24 billion from $18.36 billion in April last year.
  • The Imports have declined partly because of the cooling down of commodity prices, and partly because of reduced demand for products considered discretionary spending.
  • The major contributors to decline in imports are gems and jewellery and petroleum sector.
  • However, the Services exports has jumped 26% to $30.36 billion compared to $24.05 billion a year earlier.
  • While the services imports surged 17% to $16.05 billion from $14.06 billion during the same period.
  • The year-on-year decline in the merchandise trade deficit was primarily driven by non-oil items, with the fall in crude oil prices being partly absorbed by higher volumes.
  • Barring four countries, India’s exports to all top major destinations have declined in last one year.
  • The top items of India’s exports i.e., gems and jewellery, engineering goods, organic and inorganic chemicals and ready-made garments, performed poorly as the demand in Western countries continued to decline due to high inflation.
  • On the contrary, exports in electronic goods, drugs and pharma, rice, oil meals, ceramic products, and glassware grew marginally in last one year.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB

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