Wednesday, 09 Oct, 2024
By: Yash Gupte
With an increase of 6.8 percent and $59.57 billion in exports from April to December, the US was India's top export market, followed by the UAE, Netherlands, Bangladesh, and Singapore. Image Source: IANS
India’s exports from April- January 2022-23 stood at $641.24 billion as compared to $546.55 billion in April- January 2021-22.
According to the data released by the Ministry of Commerce and Industry, India’s exports in the month of January 2023 have declined by 6.58 percent from $35.23 billion in the same period last year to $32.91 billion in January 2023. On the other hand, imports dipped by 3.63 percent to $50.66 billion in January 2023, down from 52.57 billion in the year-ago period. As a result, the nation's trade deficit for January stood at $17.75 billion. Talking about December 2022, India’s exports fell by 5.2 percent year-on-year to $61.82 billion as compared to December 2021 when the exports stood at $65.25 billion. The imports in the month of December declined 1.9 percent Y-o-Y to $73.80 billion against $75.27 billion in December 2021.
According to commerce secretary Sunil Barthwal, “The US and Europe are facing recessionary trends. In China, there is huge demand reduction. So, we are facing a lot of headwinds.” India’s exports from April- December 2022 increased by 9 percent as compared to the same period in 2021. The country exported goods worth $568.57 billion from April- December 2022 as compared to goods worth $489.69 billion from April- December 2021.
Engineering products exports plummeted by roughly 12 percent on a year-over-year basis to $9.1 billion in December, while gem and jewelry exports fell by 15.2 percent to $2.54 billion. Exports of petroleum products fell by roughly 27 percent in December to $4.9 billion. With an increase of 6.8 percent and $59.57 billion in exports from April to December, the US was India's top export market, followed by the UAE, Netherlands, Bangladesh, and Singapore. Netherlands was among the top three export destinations primarily due to the increase in shipments of petroleum products, electronic items, chemicals and aluminum goods. India's top 10 trade partners during the April-December 2022-23 period were the U.S., UAE, Netherlands, China, Bangladesh, Singapore, Brazil, the UK, Saudi Arabia and Indonesia. However for the first three quarters of FY23, the trade deficit reached a record high of 6 percent of the GDP.
India’s exports from April- January 2022-23 stood at $641.24 billion as compared to $546.55 billion in April- January 2021-22. Along with exports, the imports also registered an increase from $612.75 billion from April- January 2021-22 to $753.19 billion from April- January 2022-23, taking the trade deficit to $111.94 billion.
Global inflation, Russia-Ukraine war, simmering China-Taiwan crisis and supply disruptions are hurting economic growth worldwide, leading to poor demand, experts say. The pinch from slowing external demand is going to get more painful for Indian economy in the months to come.
Sanjay Budhia, Chairman – CII National Committee on Exports & Imports said that “In spite of global headwinds, political turmoil and recessionary trends amongst the major economies, during April-January this fiscal, the country’s merchandise exports recorded a growth.”
