Indian Exports Contract 22% To 3-Yr Low Of $33bn In June

[beijingwalker]

Indian Exports Contract 22% To 3-Yr Low Of $33bn In June​

• Exports contract 22% to 3-yr low of $33bn in June
• 15-07-2023 10:00 AM

#New Delhi
India’s exports contracted by 22%, the steepest decline in the last three years, to $32.97 billion in June on account of global demand slowdown, especially in the Western markets like the US and Europe.

According to the data of the commerce ministry, the trade deficit in June stood at $20.3 billion against $22.07 billion in the same month last year due to a fall in exports and imports. The inbound shipments during the month under review declined by a steep 17.48% to $53.10 billion. Exports in May 2020 contracted by 36.47% when the world was reeling under the impact of the Covid-19 pandemic.

Commenting on the numbers, Commerce Secretary Sunil Barthwal said trade sector growth is in the hands of global factors. As the World Trade Organisation (WTO) has projected a slowdown in world trade, “that fear is coming true”, he added.

Citing reasons for the dip in trade growth, he said there is a slowdown in major economies, including the US and Europe; and inflationary pressure. He also attributed the slowdown to the tightening of monetary policies by rich nations as it is affecting manufacturing and businesses.

Export promotion councils are expecting the demand to pick up in the coming months. “From July, there should be pick up,” the secretary said. Cumulatively, exports dipped by 15.13% to $102.68 billion during April-June. Imports dipped by 12.67% to $160.28 billion.

The trade deficit during April-June 2023 improved by 7.9% to $57.6 billion from $62.6 billion in the same period last year.

Oil imports in June contracted by 33.8% to $12.54 billion, while during the April-June quarter, the shipments slipped 18.52% to $43.4 billion. However, gold imports in June rose 82.38% to about $5 billion, while it dipped by 7.54% to $9.7 billion in the April-June quarter.

https://www.ahmedabadmirror.com/exports-contract-22-to-3-yr-low-of-33bn-in-june/81860157.html

 

[beijingwalker]

India's merchandise exports in June 2023 fell 22% to $32.97 billion compared to %42.28 billion in June 2022​

14 Jul 2023, 02:42 PM ISTLivemint

India's merchandise trade deficit in June was $20.13 billion, with exports at $32.97 billion and imports at $53.10 billion. Services exports were $27.12 billion.​

India's exports remained weak due to several reasons including a slowdown in the world's major economies, Trade Secretary Sunil Barthwal told reporters (Bloomberg)


India's merchandise trade deficit in June stood at $20.13 billion, according to a Reuters calculation based on export and import data released by the government on Friday.

Merchandise exports stood at $32.97 billion, while imports were $53.10 billion in June. In the previous month, merchandise exports were $34.98 billion, while imports stood at $57.10 billion.

India's exports remained weak due to several reasons including a slowdown in the world's major economies, Trade Secretary Sunil Barthwal told reporters.

Services exports in June were $27.12 billion, while imports were $15.88 billion. In May, services exports were $25.30 billion and imports were $13.53 billion.

For the April-June period, services and merchandise exports fell 7.3% year-on-year to $182.7 billion, while imports fell 10.2% to $205.29 billion.

India's exports fall 22% to $32.97 bn in June from $42.28 bn a year earlier

India's merchandise trade deficit in June was $20.13 billion, with exports at $32.97 billion and imports at $53.10 billion. Services exports were $27.12 billion.

www.livemint.com

 

[pikkuboss]

Sad news, but good news is import fell more than export, so Trade deficit is down.

 

[CallSignMaverick]

Sad news, but good news is import fell more than export, so Trade deficit is down.

Its the phenomenon every where, only thing being last year exports in June were record high, so due to high base, contraction was evident to be big.

Global trade is shrinking.

https://twitter.com/x/status/1679386412045459458

 

[pikkuboss]

Its the phenomenon every where, only thing being last year exports in June were record high, so due to high base, contraction was evident to be big.

Global trade is shrinking.

https://twitter.com/x/status/1679386412045459458

Signs of a soft recession. Inflation may fall flat soon.

 

[indushek]

One possible reason being sighted is that, the West has ordered supplies heavily last year. I work in export related field, and most of the shippers have their order books empty. Understand in US the warehouses are full, now I can't verify this but this is what the exporters here in my City say.

Last two months the exports have been very much down

The exports are down heavily too, due to multiple reasons where dollar exchange is quoted as one reason. Outlook for next quarter however, looks good for now. Exports are slowly picking up

 

[Sandwalk]

Double whammy after effects of Covid and Ukraine crises.

 

[beijingwalker]

Indian is the second biggest trade deficit country only after US, and without meaningful manufacturing section contribute to it's GDP and labor market, how India can manage to provide enough jobs to it's 1.4 billion strong population? and how an emerging economy can sustain a high growth rate by just buying but not selling? there are no such examples in the world history, can anyone explain those puzzles?

 

[SD 10]

well the owrld is entering recession most likely. The biggest question now is how to get out of it?

 

[kaykay]

Indian is the second biggest trade deficit country only after US, and without meaningful manufacturing section contribute to it's GDP and labor market, how India can manage to provide enough jobs to it's 1.4 billion strong population? and how an emerging economy can sustain a high growth rate by just buying but not selling? there are no such examples in the world history, can anyone explain those puzzles?

You are selectively ignoring services. Surplus services export offset almost 2/3rd of merchandise import.

 

[beijingwalker]

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