Turning tide On India’s goods exports

1. Turning tide: On India’s goods exports www.exportimportdata.in

2. According to the official reports, India’s exports of products recovered from an over 17% decline in October to a modest 0.6% increase in increasing to $32 billion from $29.8 billion in October, the value of exports is still considerably less than the $39 billion averaged between April and September. Growth in imports was 5.4%, although the value of shipments fell to $55.9 billion. Further, a level last observed in February 2022, was followed by seven months of import bills of around $60 billion. November. Despite

3. First time in five months, the merchandise trade deficit decreased below $25 billion to India import export data. However, this could have unintended consequences since the value of some exports that previously soared due to global pricing patterns would also fall. The softening of some commodity prices may help to some extent reduce the import bill and deficit. Lower non-oil cargo, which indicated sluggish domestic demand, contributed to the decline in the import bill, but the performance of non-oil exports is a bigger concern. According to India import export data Since June, their share of export growth has been declining, and from September to November, the decline accelerated for many industries. Engineering goods, which accounted for the majority of India’s record $422 billion in goods exports in 2021–22, saw a contraction of 11.3%, while textile exports fell by a steeper 25%.

4. Slowdown in Export Performance In the coming year, a slowdown in demand is expected to affect international commerce, and India is not going to be spared. In 2023, New Delhi’s efforts to diversify its markets and increase its export competitiveness will be put to the test as its biggest customers, the US and the EU, see a protracted period of slowing growth, and China, its fourth-largest export market, suffers the effects of the epidemic. Up until the first half of 2022, India’s export performance was strong, but in the second half, as external conditions grew more unfavourable, it began to underperform. However, 2022 turned out to be a significant year for Indian commerce in many aspects. According to India import export data, goods exports will surpass the $400 billion threshold for the first time and reach $440 to 450 billion in 2022, up from $395 billion in 2021. From $254 billion in 2017, service exports may have reached a record $295-300 billion in 2022.

5. More notably, India inked a free trade agreement (FTA) with the UAE in February, the first with any economy in a decade, letting go of inhibitions over trade agreements that were long held responsible for escalating its trade imbalance. It negotiated a temporary trade agreement with Australia two months later, and negotiations for a larger FTA are anticipated, to begin with Canberra in January. At least two of the free trade agreements that New Delhi is currently negotiating with significant economies, such as the UK, the EU, and Canada, are expected to be completed by 2023. Additionally, economies like the EU have proposed to impose carbon border adjustment measures, which normally attempt to tax imported goods from nations with less stringent climate regulations, such as steel and cement. Ajay Sahai, director general, and chief executive of the Federation of Indian Exports Organization stated that “India’s export prognosis for 2023 rests significantly on the change in the oil price and the recovery in global demand.” “If oil prices stay between $75 and $80 per barrel, the world economy and trade may quickly recover. There are currently signs that oil prices will decline. But we must exercise caution, he continued.

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