: Exports dip by 6.58% #FinanceIndia #StockMarketNEWS #Business Press Trust of India New Delhi Contracting for the second month in a row, India’s exports dipped by 6.58% to .91 billion in

@StockMarketNEWS Mon 20 Feb, 2023

Posted in: #FinanceIndia #StockMarketNEWS #Business

Exports dip by 6.58% #FinanceIndia #StockMarketNEWS #Business
Press Trust of India

New Delhi

Contracting for the second month in a row, India’s exports dipped by 6.58% to .91 billion in January due to slowdown in global demand, even as the trade deficit touched a 12-month low of .75 billion during the month, according to official data released on Wednesday.

Imports in January too contracted by 3.63%, the second consecutive month, to .66 billion.

Cumulatively, however, during April-January 2022-23, the country’s merchandise exports rose 8.51% to 9.25 billion, while imports increased 21.89% to 2.20 billion, the data showed.

The merchandise trade deficit for the April-January this fiscal stood at about 3 billion.

The country’s exports had contracted by 12.2% to .48 billion in December 2022.

Last time, it was in January 2022, when the trade deficit touched .42 billion.

Export sectors that recorded negative growth during the 10-months period of this fiscal include engineering goods, iron ore, plastic and linoleum, gems and jewellery.

Engineering exports dipped by 3.37% to .27 billion during April-January 2022-23.

In the same period, gems and jewellery shipments declined by 0.54% to .61 billion.

Sectors which recorded positive growth include petroleum products, electronic goods, rice, ready-made garments of textiles and chemicals.

“The overall exports (goods and services) growth in the current financial year is about 17.33%. The main engine behind this export growth is the services sector, which has been growing at a historically high growth rate of about 30%.

“Merchandise exports are also cumulatively growing at 8.5%. We are optimistic that this growth momentum would continue despite strong global headwinds,” Commerce Secretary Sunil Barthwal told reporters.

Gold imports during April-January this fiscal contracted by 11.26% to billion, as against .35 billion in the same period last year.

In the 10-months of the current fiscal, crude oil imports rose 53.54% to 8.45 billion. Similarly, imports of coal, coke and briquettes rose by 18.91% to .17 billion.

“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,” said Sanjay Budhia Chairman – CII National Committee on Exports & Imports.