For the second time time in a row, India’s exports have dipped by 6.58% to $32.91 billion in January. This is a slowdown in the global demand. Even the trade deman touched a low dio of $17.75 billion during the month of January.
The import rate was as low as 3.63% which is second lowest in a month. The imports too were contracted by 3.63% from April to January 2022-2023. The merchandise exports too increased by 21.98% to $602.20 billion , as per the data. The merchandise trade deficit for the previous fiscal was at $233 billion. The exports had seen to be contracted by 12.2% to $34.48 billion in December 2022. Whereas, the trade deficit in January 2022 was $17.42 billion. The export sectors recorded a negative growth in the last 10 months and included engineering goods, iron ore, plastic and linoleum, gems and jewellery.
The engineering exports decreased by 3.37% to $88.27 billion during April-January 2022-2023. During the same period, process of gems and jewellery decreased by 0.54%. There were other sectors which recorded a positive growth. The sectors included petroleum, electronic goods, rice, ready-made garments of textiles and chemicals.
