According to figures issued by the commerce ministry on Wednesday, India’s exports in January decreased by 6.58 percent to $32.91 billion from $35.23 billion in the same month previous year.According to official data, the trade imbalance in January decreased to a 12-month low of $17.75 billion.
Additionally, imports fell by 3.63 percent in January to $50.66 billion from $52.57 billion in the same month previous year.
The country’s merchandise exports increased overall from April to January 2022–2023 by 8.51% to $369.25 billion.
The data showed that during the same time, imports rose by 21.89% to $602.20 billion.
For the months of April through January of this fiscal year, the merchandise trade imbalance was around $233 billion.
In December 2022, the nation’s exports had decreased by 12.2% to $34.48 billion.
The last time it happened, the trade deficit reached $17.42 billion in January 2022.
Engineering goods, iron ore, plastic and linoleum, diamonds and jewellery, and other export industries that had negative growth over the course of this fiscal’s first 10 months are just a few examples.
Between April and January 2022–2023, engineering exports decreased by 3.37 percent to USD 88.27 billion. Shipments of diamonds and jewellery fell by 0.54 percent to USD 31.61 billion during the same time period.
Petroleum, electronics, rice, ready-to-wear apparel and textiles, chemicals, and electronic goods are some of the industries that had strong growth.
“The growth rate for all exports (goods and services) during the current fiscal year is around 17.33%. The Services sector, which has been expanding at a historically high growth rate of nearly 30%, is the primary driver of this export expansion. Exports of goods are also increasing cumulatively at an 8.5% rate. Despite significant global obstacles, we are optimistic that this growth momentum would continue “Sunil Barthwal, the secretary of commerce, reportedly told PTI.
Between April and January of current fiscal year, gold imports decreased by 11.26 percent to $29 billion from USD 40.35 billion during the same period last year.Crude oil imports surged by 53.54 percent to $178.45 billion over the first ten months of the current fiscal year. The amount of coal, coke, and briquette imports increased by 18.91% to $43.17 billion.
