India’s exports to specific Asian and African regions decreased in FY23, which had a negative impact on global export growth.
Despite the economic crisis and increased geopolitical dangers in the developed world, exports to the European Union and the US increased. India’s merchandise exports increased 6.7% in FY23 to reach $450.4 billion.
According to the commerce department’s disaggregated data, a fall in shipments to Northeast Asia, which includes China (-27.9%), Hong Kong (-9.9%), South Korea (-17.7%), and Japan (-11.5%) slowed India’s total export growth. Japan and South Korea curtailed their imports of diamonds and petroleum products from India, while China’s “Zero Covid” policy for the majority of FY23 decreased demand for Indian items. as it obtained these things from the hit-by-sanctions Russia.
