India’s goods exports, shrank to 34.66 billion U.S. dollars in Apr, from 39.70 billion dollars in the same month last year, due to decline in demand in major markets, showed the latest data released by the Ministry of Commerce and Industry.
As services exports rose to 30.36 billion dollars in Apr, from 24.05 billion dollars in Apr, 2022, however, the country’s total exports rose nearly two percent, from 63.75 billion dollars in Apr, 2022, to 65.02 billion dollars in Apr, 2023.
The trade deficit during Apr stood at 1.38 billion dollars, which is said to be the lowest in the past one-and-a-half years.
The overall imports in Apr were estimated at 66.40 billion dollars, down 7.92 percent year on year, showed the data.
Electronic goods, rice, drugs and pharmaceuticals, oil meals, ceramic products and glassware, and spices registered a significant increase in exports in Apr.
Reacting to the overall export figures in Apr, A. Sakthivel, president of the Federation of Indian Export Organisations (FIEO), said, the Russia-Ukraine conflict, coupled with emerging geopolitical scenario made the international scenario much “tougher” for Indian exporters.
“We hope to continue with this growth trajectory,” he said, adding that, exports would start showing better growth numbers starting July this year, with fresh orders for festival and New Year season beginning to come.
Source: Nam News Network (NNN)