An official said that the Union Commerce Ministry held a meeting of exporters on Monday to assess the situation because the nation’s outbound exports had been declining for the past four months.
Delhi, India An official said that the Union Commerce Ministry held a meeting of exporters on Monday to assess the situation because the nation’s outbound exports had been declining for the past four months. Exporters are expected to raise concerns about things like providing more support for participation in international exhibitions and fairs, moving forward with free trade agreements with the UK, Canada, Israel, and the GCC (Gulf Cooperation Council), and allowing double-weighted salary deductions for professionals in the industry to keep talent in India.
According to data from the ministry, exports fell for the fourth consecutive month in May by 10.3% on a year-over-year basis to $34.98 billion, while the trade deficit increased to a five-month high of $22.12 billion. In total, exports fell by 11.41 percent to $69.72 billion in April and May of current fiscal year, while imports fell by 10.24 percent to $107 billion. The country’s exports are being impacted by the slowdown in demand in important markets, increasing inflation in developed economies, and the war in Russia and Ukraine.
