Jan 23 Exports Down $1.57 bn over Dec 22
·
Imports in January also Declined by
3.63 per cent to $50.66 billion.
·
Trade Shrinking
Contracting
for the second month in a row, India’s exports dipped by 6.58 per cent to USD 32.91
billion in January due to slowdown in global demand, even as the trade deficit
touched a 12-month low of USD 17.75 billion during the month, according to
official data released on Wednesday.
Imports
in January too contracted by 3.63 per cent, the second consecutive month, to
USD 50.66 billion.
Cumulatively,
however, during April-January 2022-23, the country’s merchandise exports rose
8.51 per cent to USD 369.25 billion, while imports increased 21.89 per cent to
USD 602.20 billion, the data showed.
The
merchandise trade deficit for the April-January this fiscal stood at about USD
233 billion.
The
country’s exports contracted by 12.2 per cent to USD 34.48 billion in December
2022.
Last
time, it was in January 2022, when the trade deficit touched USD 17.42 billion.
Export
sectors that recorded negative growth during the 10-months period of this
fiscal include engineering goods, iron ore, plastic and linoleum, gems and
jewellery.
Engineering
exports dipped by 3.37 per cent to USD 88.27 billion during April-January
2022-23. In the same period, gems and jewellery shipments declined by 0.54 per
cent to USD 31.61 billion.
Sectors
which recorded positive growth include petroleum products, electronic goods,
rice, ready-made garments of textiles and chemicals.
“The
overall exports (goods and services) growth in the current financial year is
about 17.33 per cent. The main engine behind this export growth is the Services
sector, which has been growing at a historically high growth rate of about 30
per cent.
“Merchandise
exports are also cumulatively growing at 8.5 per cent. We are optimistic that
this growth momentum would continue despite strong global headwinds,” Commerce
Secretary Sunil Barthwal told reporters.
Gold
imports during April-January this fiscal contracted by 11.26 per cent to USD 29
billion, as against USD 40.35 billion in the same period last year.
In
the 10-months of the current fiscal, crude oil imports rose 53.54 per cent to
USD 178.45 billion. Similarly, imports of coal, coke and briquettes rose by 18.91
per cent to USD 43.17 billion.
“In
spite of global headwinds, political turmoil and recessionary trends amongst
the major economies, during April-January this fiscal, the country’s
merchandise exports recorded a growth,” said Sanjay Budhia
Chairman – CII National Committee on Exports & Imports.