India has shipped very few money in the first in the first three quarters of the current financial year. Despite of this, the merchandise exports grew by 10% between April and December. The data shows that the volume of outbound shipments fell on the account of elevated commodity prices and the slowdown was seen in the demand of the key western markets.
The exports in the key segment such as petroleum products, iron and steel, toys, beverage, cotton, electrical machinery could see a decline at sharp edges during this period. The figures grew in double digits. The rate grew by 60% which is equal to $76 billion between April and December. This too saw a decline by 4%.
However, the imports in the terms were higher for crude oil where the imports grew by 52% and 11.2% volume. The petroleum too accounted to 23% of the Indian exports. Many sectors such as iron and steel grew by 35% in this period
In case of petroleum products, the volume remains the same but the value of the same rises. This is mainly because of the Russia invasion of Ukraine in February 2022.