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As <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19916774" type="General" weightage="100" keywordseo="exports" source="keywords">exports</keyword> in the first quarter of 2024-25 (April-June) crossed the $200 billion mark, the government has expressed its optimism about reaching its full-year target of $800 billion. "We are quite optimistic and it gives us optimism that we'd be crossing our <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 800 billion of trade this year," Commerce Secretary Sunil Barthwal said on Monday while releasing India's trade data for June. India's overall exports, merchandise and services combined in the month of June were to the tune of $65.47 billion, a 5.4% rise on a yearly basis, commerce ministry data showed. Same month last year it was at $62.12 billion. In break up, <keyword id="22419320" type="General" weightage="20" keywordseo="exports-of-merchandise-goods" source="Orion">exports of merchandise goods</keyword> rose from $34.32 billion to $35.20 billion, and exports of services rose from $27.79 to $30.27 billion. In May, merchandise and services exports combined were to the tune of $68.29 billion, a 10.2% rise on a yearly basis. The country's <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword> too increased year-on-year in June, data showed today. The same was the case in May. The overall imports, both merchandise and services combined, increased from $69.12 billion to $73.47 billion, a rise of about 6.3%, in June. In the recently concluded financial year 2023-24, India registered record exports at $778 billion. In 2022-23, the country exported goods and services combined at $776.3 billion. In break up, services exports rose from $325.3 billion to $341.1 billion in 2023-24. Merchandise exports though marginally declined from $451.1 billion to $437.1 billion. Among various steps the government took was to launch a <keyword id="8870884" type="General" weightage="20" keywordseo="Production-Linked-Incentive" source="Orion">Production Linked Incentive</keyword> (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. These seemed to have reaped dividends. China, Russia, Iraq, <keyword id="19908927" type="General" weightage="20" keywordseo="uae" source="keywords">UAE</keyword>, and Singapore were among the countries where India's exports in the just-concluded financial year have risen substantially, though with a low base. The other countries in the Top 10 list are the UK, Australia, Saudi Arabia, the Netherlands, and <keyword id="19899437" type="General" weightage="20" keywordseo="south-africa" source="keywords">South Africa</keyword>. Overall imports declined from $898.0 billion in 2022-23 to $853.8 billion. Both merchandise and services exports declined during the financial year. Overall trade deficit significantly improved from $121.6 billion in 2022-23 to $75.6 billion in 2023-24.

India's Apr-Jun quarter exports cross $200 bln, government optimistic of reaching  $800 bln annual target

Despite geopolitical tensions in <keyword id="19897269" type="General" weightage="20" keywordseo="europe" source="keywords">Europe</keyword> and the <keyword id="19904316" type="General" weightage="20" keywordseo="middle-east" source="keywords">Middle East</keyword>, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s <keyword id="20631272" type="General" weightage="20" keywordseo="merchandise-exports" source="keywords">merchandise exports</keyword> grew by 5.8% to $109.96 billion compared to $103.9 billion in the same period last year, according to a CRISIL report. The report states that the deceleration in the growth momentum of exports in June compared to May was largely due to an 18.2% contraction in oil exports. The growth momentum slowed down in June, with merchandise exports increasing by only 2.6% year-on-year, down from 9.1% in May. Non-oil exports continued to maintain steady growth, rising by 7.7% in June, almost in line with the 7.8% growth recorded in May. Services exports exhibited a strong performance in June, contributing positively to the overall trade scenario. The positive aspect is that merchandise imports grew at a slower pace of 5% year-on-year in June, down from 7.7% in May. However, core imports, excluding oil and gold, surged by 7.1%, increasing from the 0.8% growth in the previous month. This spike in core imports was partially driven by a low base effect from the previous year. Despite the positive growth in exports, the <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> widened to $21 billion in June from $19.2 billion in the same month last year. For the first quarter, cumulative imports rose by 7.7% to $172.4 billion from $160 billion, resulting in a trade deficit of $62.44 billion, up from $56.1 billion. This widening deficit was mainly due to a higher oil trade deficit, while the non-oil trade deficit narrowed. Services exports were a bright spot, increasing by 10.2% year-on-year to $29.76 billion in May. On the other hand, service import growth moderated to 5.4%, down from 19.1% in the previous month. Consequently, the services trade surplus expanded to $13.02 billion, up from $11.1 billion in May last year. Oil exports fell by 18.3% year-on-year and 18.5% month-on-month in June, despite stable international prices. This suggests a reduction in export volumes, with exports falling to $5.5 billion from $6.8 billion in June last year and the previous month. Oil imports increased by 19.6% in June compared to 28% in May, driven by domestic demand and local refineries operating above capacity. Sectors such as drugs and pharmaceuticals, engineering goods, organic and inorganic chemicals, and ready-made garments showed positive growth. However, pharmaceuticals (9.9% vs. 10.5%) and ready-made garments (3.7% vs. 9.8%) saw slower growth compared to May. Gems and jewellery exports continued to decline, marking the seventh consecutive month of negative growth at -1.4% year-on-year. Growth in carpets, handloom products, man-made products, plastics, and linoleum was positive but slower than the previous month. Handmade carpets (-16.6% vs. 20.6%), jute manufacturing (-11.1% vs. -5.2%), and leather products (-2.2% vs -2.1%) recorded contractions. Cashew exports have been declining since 2018, with only sporadic months of positive growth. In June, cashew exports fell by 7.3%, an improvement from the 25.8% decline in May. Coffee (70% vs. 64.2%), fruits and vegetables (7% vs. 20.8%), rice (1% vs. 2.8%), spices (9.8%vs. 20.3%), tea (3.2% vs. 19.6%), and tobacco (37.7% vs. 58.4%) saw slower growth compared to May. Marine products (-7.7% vs. -3.9%) and meat, dairy, and poultry products (-13.9% vs. 22.9%) also experienced a decline. Increases were noted in electronic goods (15.9% vs. 6.7%), fruits and vegetables (22.6% vs. 3%), non-ferrous metals (47.6% vs. 1.1%), project goods (31.4% vs. -44.3%), textiles and yarn fabric made-up articles (23.8% vs. -1.1%), and wood products (16.2% vs. -7.2%). The fiscal year has started positively with steady merchandise export growth in the first quarter. Encouragingly, multilateral organisations have forecasted better year-on-year trade growth. The Indian government's focus on foreign trade agreements (FTAs) is expected to further boost trade. However, the persistent growth in imports surpassing exports is a concern, widening the trade deficit. The recent US tariff hikes on Chinese imports could lead to potential dumping by China in the Asian market, including India, which requires close monitoring. Despite these challenges, the expected moderation in domestic growth may help contain import growth and the trade deficit. The service trade surplus and robust remittance flows are positive indicators that the current account will remain stable.

Indian exports show resilience amid global challenges in first quarter, says CRISIL report

The <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> has sought proposals from the industry to set up <keyword id="22514802" type="General" weightage="20" keywordseo="E-commerce-export-hubs" source="keywords">e-commerce export hubs</keyword> (ECEH) in the country for examination, support, and hand-holding. Based on the proposal, further details, including software requirements for ECEH, to facilitate seamless and expeditious export clearances, will be firmed up, the Directorate General of Foreign Trade (<keyword id="19985555" type="General" weightage="20" keywordseo="DGFT" source="keywords">DGFT</keyword>) has said in a trade notice. In this regard, it said, draft modalities for operation of these hubs have been formulated. Based on draft modalities proposed, the government would like to initiate a pilot launch of ECEH. "In this regard, detailed proposal(s) for setting up ECEH may be submitted to this directorate, for examination, support and hand-holding," the DGFT said. In the Budget, the government announced setting up of these hubs to promote <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> through e-commerce medium in public-private-partnership (PPP) mode. Initially there are plans to set up 10-15 hubs in the country. These hubs would be designated areas, which would act as a centre for favourable business infrastructure and facilities for cross border e-commerce activities. The major objectives are to provide for predictability and shortest possible turnaround time for e-commerce exports, easy re-import for e-commerce returns or rejects, bringing various cross-border e-commerce stakeholders under one roof. At present, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s exports through this medium are only about USD 5 billion compared to China's USD 300 billion, annually. There is a potential to take it to USD 50-100 billion in the coming years. The draft modalities for operations of these hubs talked about movement of goods from supplier's premises to ECEH; pre-screening of goods; design of these hubs; and process flow for customs clearance once a buyer is found. ECEH will have two physical components -- first will be the fulfilment area for packing, labelling, storing to take place after pre-screening and till a buyer is found; and the second will be a customs station where the goods will be customs cleared after the buyer is found, ready for dispatch. Through these hubs, small producers will be facilitated to sell to aggregators and then that aggregator will find markets to sell. Export products, which hold huge potential through this medium include jewellery, apparel, handicrafts and ODOP (one district one product) goods. In such hubs, export clearances can be facilitated. Besides, it can also have warehousing facilities, customs clearance, returns processing, labelling, testing and repackaging. A report by economic think tank GTRI India's e-commerce exports have the potential to reach USD 350 billion by 2030, but banking issues hinder growth and increase operational costs. India has set a target of USD 1 trillion of merchandise exports by 2030 and cross-border e-commerce trade has been identified as one of the mediums to meet this aim. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/news/audi-q8-facelift-launched-in-india-with-a-1-17-crore-price-tag/slidelist/112707701.cms">Audi Q8 facelift launched in India with a ₹1.17 crore price tag</a>

Govt seeks proposals for setting up e-commerce export hubs

Despite unfavourable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations, Indian <keyword id="21353395" type="General" weightage="100" keywordseo="textile-exports" source="keywords">textile exports</keyword> grew by 9.59 per cent compared to the previous year in May 2024, the Confederation of <keyword id="22064995" type="General" weightage="20" keywordseo="Indian-textile" source="keywords">Indian Textile</keyword> Industry (CITI) said in a report. Simultaneously, <keyword id="22064997" type="General" weightage="20" keywordseo="Indian-apparel-exports" source="keywords">Indian apparel exports</keyword> saw a growth of 9.84 per cent during the same period. The CITI in its report highlighted that the cumulative exports of textiles and apparel during May 2024 registered a growth of 9.70 per cent over May last year. The country's overall exports for May 2024 surged to USD 68.29 billion. This was a substantial year-on-year increase of 10.2 per cent, according to data released by the Commerce Ministry on June 14. The analysis noted that during Apr -May' 24, Indian textile exports registered a growth of 6.04 per cent over the previous year, while apparel exports registered a growth of 4.46 per cent during the same time period. The cumulative exports of textiles and apparel during April-May 2024 saw a surge of 5.34 per cent as compared to the same period last year. The recently released export data revealed that sectors such as electronic goods, drugs and pharmaceuticals, organic and inorganic chemicals, engineering goods, petroleum products, plastics &amp; linoleum, cotton yarn/fabs made-ups ( textiles manufactured), handloom products, etc., man-made yarn/fabs./made-ups, handloom products etc. performed well in the exports from the country. Other merchandise products, such as meat, dairy and poultry products, mica, coal and other ores, minerals including processed minerals, RMG of all textiles, tea, coffee, rice, tobacco, carpet and handicrafts, oil seeds; and fruits and vegetables, did well too. On Friday, AshwKumar, President of the Federation of Indian Export Organisations (FIEO), highlighted that a positive trajectory was seen in May 2024, driven by robust order bookings. Among the top ten export markets for India were the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany and France. Considerably, in these markets, the exports registered a double-digit growth rate. Breaking down export data released yesterday, the merchandise exports witnessed a 9.1 per cent rise to USD 38.13 billion, while service exports climbed by 11.7 per cent, reaching USD 30.16 billion. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank">Hyundai Motor India files draft papers with SEBI for India’s biggest IPO</a><a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank">Tata Group reportedly looking to acquire a majority stake in Vivo India</a><a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank">KKR beats MI in terms of brand value, CSK and RCB continue to lead</a>

Indian textile exports surge by 9.59% in May despite global economic challenges

Boost in domestic <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> due to PLI (production linked incentive) schemes and increase in <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> on account of free trade agreements are expected to bridge the country's <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> further, <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> said on Monday. However, it said that fluctuations in <keyword id="19936629" type="General" weightage="20" keywordseo="commodity-prices" source="keywords">commodity prices</keyword>, especially for critical imports like oil, metals, and agricultural products, can impact India's trade balance and inflation levels. The Survey said that though ongoing geopolitical headwinds impacted India's merchandise exports, lowering international commodity prices ensured a lower trade deficit in FY24 than in FY23. The country's merchandise trade deficit narrowed to USD 240 billion in 2023-24 from USD 265 billion in 2022-23. It added that changes in trade policies by major trading partners or geopolitical developments can affect India's export opportunities and market access. "In the coming years, India's trade deficit is expected to decline further as the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> is expanded and India creates a globally competitive manufacturing base in several product categories," the Survey said. It added that the recently signed FTAs (free trade agreements) are expected to increase the <keyword id="22374533" type="General" weightage="20" keywordseo="global-market-share" source="keywords">global market share</keyword> of the country's exports. The PLI scheme for sectors like mobile manufacturing, information technology (IT) hardware, pharmaceutical, telecommunications, and food product are helping to increase manufacturing and cut imports. India has implemented <keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword> with Mauritius, Australia and the UAE. It added that a narrowing merchandise trade deficit and rising service exports have improved the CAD (<keyword id="20054874" type="General" weightage="20" keywordseo="current-account-deficit" source="keywords">current account deficit</keyword>), ending with a surplus of 0.6 per cent of GDP in Q4 of FY24. However, the risks to the performance of India's external sector are on the downside due to the persistence of current <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> and policy uncertainty, it said. Some of the challenges listed by the survey includes fall in demand from major trading partners like the US, rise in trade cost, and volatility in commodity prices. Attacks on shipping in the Red Sea and drought in the Panama Canal have resulted in trade flows being re-routed, increasing journey time and costs. India's merchandise trade relies heavily on maritime trade, so disturbances in major shipping routes can impact its economy. "It is critical to explore what these changing paradigms mean for India. Policies need to be a mix that straddles security concerns with economic considerations," the survey said, adding India's push towards manufacturing in complex and niche sectors through schemes such as PLI and Make in India aims to balance these goals. Further, the survey emphasised on the need to focus on improving India's competitiveness in many product areas. For example, it said, India has tremendous potential in becoming a large global exporter in agricultural commodities. Fostering stronger regional trade ties and adding more markets for Indian goods will help mitigate global demand fluctuations. "In an era when global economic growth is likely to be buffeted by geopolitical tensions and protectionism, growing India's exports of goods and services will be a stiffer challenge than before," it cautioned. Commenting on this, Rumki Majumdar, Economist, Deloitte India, said that despite global uncertainties, India's exports are recording positive growth rates. "That shows the resilience of our exports amidst global uncertainties," she said, adding, "by transforming our export basket and focusing on higher margins and value addition across various sectors, India will easily achieve its ambition of USD 2 trillion in exports by 2030-31."

India's trade deficit expected to decline further: Economic Survey

<keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords" meta.keywordsubtype="org" meta.entityname="China" meta.hostid="153" meta.entityid="China">China</keyword>, <keyword id="19895159" type="General" weightage="20" keywordseo="Russia" source="keywords" meta.keywordsubtype="org" meta.entityname="Russia" meta.hostid="153" meta.entityid="Russia">Russia</keyword>, Iraq, <keyword id="19908927" type="General" weightage="20" keywordseo="UAE" source="keywords" meta.keywordsubtype="org" meta.entityname="UAE" meta.hostid="153" meta.entityid="UAE">UAE</keyword>, <keyword id="19895045" type="General" weightage="20" keywordseo="Singapore" source="keywords" meta.keywordsubtype="org" meta.entityname="Singapore" meta.hostid="153" meta.entityid="Singapore">Singapore</keyword> are among countries where <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords" meta.keywordsubtype="org" meta.entityname="India" meta.hostid="153" meta.entityid="India">India</keyword>'s <keyword id="19916774" type="General" weightage="100" keywordseo="exports" source="keywords">exports</keyword> in the just-concluded <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> have risen substantially, though with a low base. The other countries in the Top 10 list are the UK, Australia, Saudi Arabia, the Netherlands, and South Africa. India's overall exports, merchandise and <keyword id="19896799" type="General" weightage="20" keywordseo="services" source="keywords">services</keyword> combined, in the just-concluded financial year 2023-24 are estimated to be USD 776.68 billion, largely steady on a yearly basis, commerce ministry data showed on Monday. In a break up, exports of merchandise goods declined 3.1 per cent to USD 437.06 billion, and exports of services rose 4.4 per cent to USD 339.62 billion. Coming to exports in March 2024, merchandise exports declined 0.7 per cent to USD 41.68 billion, and services exports declined 6.3 per cent to USD 28.54 billion. India's overall exports 2022-23 were worth USD 775.87 billion, a growth of over 14 per cent and almost USD 100 billion on a yearly basis. Coming to <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword>, India's overall imports in 2023-24 declined 4.8 per cent to USD 854.80 billion. In March 2024, merchandise and services exports declined 5.41 per cent and 2.46 per cent, respectively. Among various steps the government took was to launch a Production Linked Incentive (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. These seemed to have reaped dividends.

India's exports to China, UAE, Russia, Singapore rose in 2023-24

India's merchandise <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> slipped by 2.83 per cent to USD 33.90 billion in November while the <keyword id="113688" type="General" weightage="20" keywordseo="trade-deficit" source="Orion">trade deficit</keyword> narrowed to USD 20.58 billion, according to government data. <keyword id="35091" type="General" weightage="20" keywordseo="imports" source="Orion">Imports</keyword> also fell by 4.33 per cent to USD 54.48 billion in November, the data released by the commerce ministry on Friday showed. Cumulatively, the country's merchandise exports in April-November FY2023-24 contracted by 6.51 per cent to USD 278.8 billion. Imports were also down by 8.67 per cent to USD 445.15 billion in the eight-month period due to a fall in <keyword id="522549" type="General" weightage="20" keywordseo="oil-imports" source="Orion">oil imports</keyword>. Oil imports dipped to USD 113.65 billion as against USD 139.29 billion in April-November 2022-23. The trade deficit - difference between imports and exports - during the eight-month period was USD 166.35 billion against USD 189.21 billion in the corresponding period last year. Briefing reporters here, Commerce Secretary Sunil Barthwal said that given the global situation, India's export numbers are good. All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, <keyword id="44517" type="General" weightage="20" keywordseo="gems" source="Orion">gems</keyword> and jewellery, chemicals, garments, and engineering goods. Sectors which registered positive growth include electronics, iron ore, and pharma. The other import segments whose inbound shipments are contracted include coal, coke; pearls, precious and semi-precious stones; and fertiliser. However, gold imports increased by 21 per cent to USD 32.93 billion. Electronic goods' imports have risen to USD 57.83 billion during April-November 2023-24 against USD 51.89 billion in the same period last year. The gold imports in November rose by 6.24 per cent to USD 3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to USD 14.93 billion. Barthwal said the global trade is suffering but, "we are holding the fort". He added that GDP growth of many countries are "not so high", interest rate regime is not softening, global conflicts are aggravating, irrespective of these issues, "we are doing well". Exports in October had grew by 6.21 per cent. According to the data, the estimated value of services export for November is USD 28.69 billion, as compared to USD 26.93 billion in November 2022. During the eight-month period, these exports stood at USD 220.66 billion as compared to USD 208.30 billion in April-November 2022. The World Trade Organisation (WTO) has forecast that global trade will grow only by 0.8 per cent in 2023. According to UNCTAD report, global trade expected to shrink by nearly 5 per cent in 2023 amid geopolitical strains and shifting trade patterns.

India's exports dip 2.83% to $33.9 bn in Nov; trade deficit narrows to $20.58 bn: Govt data

The US remains the top destination for <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s engineering goods exports in the financial year 2022-23 with total shipments value recording 6.8 per cent year-on-year growth to USD 18.67 billion. The other key markets, which registered positive growth, include the UK, Germany, Singapore, Saudi Arabia, Mexico, and Indonesia. Exports of engineering goods to China continued a downward trend month after month. In FY23, engineering shipments to China fell by 52.4 per cent year-on-year to USD 2.63 billion from USD 5.53 billion in the previous year. The other top markets that recorded negative growth during the year included UAE, Turkey, and Thailand. After reaching their all-time high at USD 112.16 billion during fiscal 2021-22, engineering exports from India finished fiscal 2022-23 at USD 107.04 billion, a decline of 4.57 per cent. In terms of the <keyword id="6355302" type="General" weightage="80" keywordseo="rupee" source="Orion">rupee</keyword>, however, engineering exports recorded 2.77 per cent growth year-on-year. This disparity was due to the substantial year-on-year depreciation of the rupee vis-a-vis the US Dollar in 2022-23. Geo-political crisis in the CIS region led by the Russia-Ukraine war, the economic slowdown in North-East Asia especially China, the crisis in South-East Asia, and the slowdown in Europe are the major factors responsible for the lower shipment of engineering goods from India during FY23. "The decline was a direct result of the depressed global demand, especially in the metal sector. FY23 in general has been a difficult year for global trade. While the end of FY22 marked the recovery from the COVID pandemic it was soon overshadowed by the Russia-Ukraine crisis which dented the European and Central Asian economies to a significant extent," said EEPC India Chairman Arun Kumar Garodia. He further said the decline could have been sharper if timely government measures had not been made. "We appreciate the efforts made by the Ministry of Commerce which has always been forthcoming in coming up with relief measures. Besides, the encouraging words by Hon'ble Prime Minister <keyword id="2082035" type="General" weightage="50" keywordseo="shri-narendra-modi" source="Orion">Shri Narendra Modi</keyword> have had a catalytic effect. We are grateful for the launch of the Foreign Trade Policy 2023 which covers all important aspects of trade including ease of doing business, introduction of Rupee trade, including the states and the districts in export strategy, export incentives, and infrastructure and logistics," said Garodia. According to the Quick Estimates of the Commerce ministry of the Central government, the share of engineering exports in India's total merchandise exports during fiscal 2022-23 was 23.92 per cent as against a higher 26.58 per cent in fiscal 2021-22. Panel-wise analysis showed that out of 34 engineering panels, 22 recorded growth in exports during 2022-23 while 12 conceded a decline in shipment. <keyword id="953254" type="General" weightage="80" keywordseo="iron-and-steel" source="Orion">Iron and steel</keyword> were the main spoilsports behind the decline in engineering exports with a 41.52 per cent decline in exports during 2022-23 over the previous fiscal. Excluding the iron and steel panel, engineering exports in 2022-23 recorded 4.91 per cent growth over the previous fiscal. Among the major panels, 'Motor Vehicles/Cars', 'Products of Iron and Steel', 'Electric Machinery and Equipment', 'Industrial Machinery', "Medical and Scientific Instruments', 'Ships, Boats, and <keyword id="1992685" type="General" weightage="50" keywordseo="floating-structures" source="Orion">Floating Structures</keyword>' and 'Auto Components/Parts' recorded higher shipments over the previous fiscal while basic metals like Iron &amp; Steel, 'Aluminium and products' and 'Copper and Products' recorded a decline in shipments. Indian engineering exports continued to decline for the fifth straight month to March 2023 and for eight months in fiscal 2022-23. During March 2023, engineering exports declined by 7.49 per cent to USD 10.19 billion from USD 11.01 billion in March 2022. As many as 16 out of 34 engineering panels witnessed positive year-on-year growth in March 2023, while the remaining 18 panels witnessed negative growth in exports. Major engineering products like Iron and Steel, Products of Iron and Steel, Aluminium and products, Industrial Machinery, Electrical Machinery and Equipment, Two and Three wheelers, Bicycle parts, Auto Tyres, and Hand tools witnessed a decline in exports during March 2023 vis-a-vis March 2022. Excluding the export of iron and steel, engineering exports recorded a 3.26 per cent year-on-year decline in March 2023. Global trade sentiments continue to remain bleak, WTO economists in April 2023 said in a new forecast that merchandise trade is expected to grow 1.7 per cent as against 2.7 per cent last year. The subpar performance will be mainly due to the Ukraine crisis, high inflation, tighter monetary policy, and financial market uncertainty. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bengaluru-localities-see-the-highest-surge-in-residential-rents-in-q1-2023/articleshow/99640732.cms">Bengaluru localities see the highest surge in residential rents in Q1 2023: Anarock</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/on-camera-crimes-society-celebrating-them-worries-criminologists/articleshow/99640707.cms">On-camera crimes &amp; society celebrating them worries criminologists</a>

India's export of engineering goods to US grows by 6.8%, China's falls by 52.4%

New Delhi, India's <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> contracted by 12.7 per cent, third month in a row, to USD 34.66 billion in April even as the <keyword id="113688" type="General" weightage="20" keywordseo="trade-deficit" source="Orion">trade deficit</keyword> reduced to a 20-month low of USD 15.24 billion, the government data showed on Monday. The decline in exports is mainly on account of poor demand in India's key destinations -- the Europe and the US -- and it may take some more months for the situation to improve. The demand scenario is "not looking very good as far as Europe is concerned, and the US also we have seen a decline in demand. For the next 2-3 months, I think the demand scenario does not look very optimistic," DGFT (Director General of Foreign Trade) Santosh Kumar Sarangi told reporters here. However, he expressed hope that things would change from September onwards. "There is a possibility that opening up of Chinese economy combined with some boost in demand in the Europe and the US economy from August-September onwards might give a boost to global exports," he said. Imports too declined by about 14 per cent, fifth month in a row, to USD 49.9 billion as against USD 58.06 billion recorded in the same month last year, the data showed. Trade deficit in April last year stood at USD 18.36 billion. The previous lowest level was recorded in August 2021, when the deficit stood at USD 13.81 billion. On imports, Sarangi said that the decline is because of cooling down of commodity prices and reduced demand for products which are considered as discretionary like gems and jewellery. He suggested to diversify into products which have higher export demand, such as electronic goods, oil meals, oil seeds, and agricultural goods. He added that export sectors which may get impacted in the coming months include gems and jewellery, apparel and garments, and some engineering products. In April, export sectors which recorded negative growth included petroleum products, gems and jewellery, engineering goods, chemicals and ready-made garments of all textiles. However, electronic goods, pharma, rice and oil meals registered positive growth. The shipments of electronic goods increased by 26.49 per cent to USD 2.11 billion in the month under review. Under merchandise exports, only 11 of the 30 key sectors exhibited positive growth in April and at imports front, 23 out of 30 key sectors recorded negative growth. Crude oil imports dipped by 13.95 per cent to USD 15.17 billion. Gold imports too contracted by 41.48 per cent to USD 1 billion in April. India's exports to the US in April declined by 17.16 per cent to USD 5.9 billion. Similarly to the UAE it dipped by 22 per cent to USD 2.23 billion in April. The other key export destinations where exports reported negative growth included China, Singapore, Bangladesh, and Germany. Further, the commerce ministry has revised upwards the overall trade figures for 2022-23. According to the ministry's data, exports of goods and services in 2022-23 rose by 14.68 per cent to USD 775.87 billion (earlier it was USD 770 billion) as against USD 676.53 billion in 2021-22. Imports increased by 17.65 per cent to USD 894.19 billion, leaving a trade deficit of USD 118.31 billion in 2022-23. Merchandise exports increased by 6.74 per cent to USD 450.43 billion, while imports rose by 16.47 per cent to USD 714 billion in the last fiscal. Services exports rose 27.86 per cent to USD 325.44 billion, while imports increased by 22.54 per cent to USD 180 billion in the last fiscal. Services exports in April this year were estimated at USD 30.36 billion, as compared to USD 24.05 billion in April 2022. The estimated value of services import in April was USD 16.50 billion as compared to USD 14.06 billion in April 2022.

Exports fall for third consecutive month by 12.7% in April; trade deficit at 20-month low

<keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s <keyword id="16540944" type="General" weightage="20" keywordseo="exports-in-January-fell" source="Orion">exports in January fell</keyword> by 6.58 per cent to $32.91 billion as against $35.23 billion in the same month last year, a data stated on Wednesday. The fall was due to <keyword id="16540946" type="General" weightage="20" keywordseo="slowdown-in-global-demand" source="Orion">slowdown in global demand</keyword>. Similarly, imports also declined in January by 3.63 per cent to $50.66 billion as against $52.57 billion in the same month last year. Trade deficit in January was $17.75 billion, a 12-month low. Cumulatively, however, during April-January 2022-23, the country's merchandise exports rose 8.51 per cent to $369.25 billion, while imports increased 21.89 per cent to $602.20 billion, the data showed. Export sectors that recorded negative growth during the 10-month period of this fiscal include engineering goods, iron ore, plastic and linoleum, gems and jewellery. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/ai-performs-poorly-in-detecting-covid-by-listening-to-cough-says-a-uk-based-study/articleshow/97950791.cms">AI performs poorly in detecting Covid by listening to cough says a UK-based study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/marburg-virus-disease-symptoms-causes-treatment-all-you-need-to-know/articleshow/97947576.cms">Marburg virus disease: Symptoms, causes, treatment, all you need to know</a>

India's exports in January fell 6.58% to $32.91bn

A slowdown in 2023 in advanced economies, especially the US and the eurozone, is expected to make <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s <keyword id="23820" type="General" weightage="20" keywordseo="footwear" source="Orion">footwear</keyword> and leather products export trade vulnerable, said <keyword id="183985" type="General" weightage="50" keywordseo="crisil-ratings" source="Orion">Crisil Ratings</keyword>. "Domestic labour-intensive sectors such as textiles, footwear, and leather depend significantly on these two regions, making them particularly vulnerable to a slowdown in these economies," it said in a report titled 'The Slowdown Shadow'. It said since these regions being two of India's largest export destinations, a slowdown in their economies would lower demand for Indian <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword>. Many economists and global institutions earlier projected to a global slowdown in 2023, as the impact of continued monetary policy tightening across major economies manifests. Raising interest rates typically cools demand in the economy and thus helps in managing inflation, but it also has the potential to trigger a slowdown in overall economic activities. "Advanced economies are expected to bear the brunt as they aggressively pursued monetary tightening in 2022," <keyword id="6359483" type="General" weightage="100" keywordseo="crisil" source="Orion">Crisil</keyword> said. The forecast of a global slowdown, Crisil said, is worrisome because India's growth cycles have become highly synchronised with those of advanced economies over the years. "The most important and direct impact of this will be reduced demand for Indian goods abroad. The US and European Union (EU) are two of the largest destinations, accounting for 18 per cent and 15.4 per cent, respectively, of India's merchandise exports in fiscal 2022," it added. It also raised concerns about India's textile exports. "It is noteworthy that labour-intensive categories such as leather articles, footwear, and textiles have the highest export dependence on these advanced economies," the report added.

India's footwear, textile exports vulnerable to global slowdown: Crisil

Contracting for the third month in a row, <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s exports declined by 8.8 per cent to USD 33.88 billion in February due to a slowdown in global demand, even as the trade deficit touched about a year low of USD 17.43 billion during the month, according to official data released on Wednesday. Imports also declined by 8.21 per cent to USD 51.31 billion as against USD 55.9 billion recorded in the corresponding month last year. Cumulatively, however during April-February this fiscal, the country's overall merchandise exports rose by 7.5 per cent to USD 405.94 billion. Imports during the period increased by 18.82 per cent to USD 653.47 billion. The merchandise trade deficit for the April-February this fiscal stood at about USD 247.53 billion. The country's exports had contracted by 6.58 per cent to USD 32.91 billion in December 2022. In February 2022, the trade deficit was USD 18.75 billion. The last time was in January 2022 when the trade deficit touched USD 17.42 billion. <keyword id="84" type="General" weightage="80" keywordseo="commerce" source="Orion">Commerce</keyword> secretary <keyword id="326740" type="General" weightage="80" keywordseo="sunil-barthwal" source="Orion">Sunil Barthwal</keyword> said that going by the trend, India's goods and services exports will cross USD 750 billion in 2022-23. "We have kept the momentum despite the global headwinds. Exporters have kept the momentum. Services exports are doing extremely well. Trade deficit has really come down. Hopefully, we will be doing better," Barthwal told reporters here. He added that the ministry has started exercises to fix the target for the next fiscal also. Export sectors that recorded negative growth during the 11-month period of this fiscal included engineering goods, gems and jewellery, cotton yarn/fabrics/made-ups, and plastic and linoleum. Engineering exports dipped to USD 98.86 billion during April-February 2022-23 from USD 101.15 billion in the same period last fiscal. In the same period, gems and jewellery shipments declined to USD 35.21 billion from USD 35.32 billion from April-February 2022-23. Sectors which recorded positive growth included petroleum products, chemicals, pharma, electronic goods, rice, and ready-made garments of textiles. Gold imports during April-February this fiscal contracted to USD 31.72, as against USD 45.12 billion in the same period last year. In the 11 months of the current fiscal, crude oil imports rose to USD 193.47 billion as against USD 140.67 billion in the same period of 2021-22. Similarly, imports of coal, <keyword id="60450" type="General" weightage="80" keywordseo="coke" source="Orion">coke</keyword> and briquettes rose to USD 46.28 billion during April-February 2022-23 as against USD 27.12 billion in the year-ago period. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/tiny-plastic-shards-are-tearing-through-the-digestive-tracts-of-wild-birds-and-causing-permanent-scarring/articleshow/98662131.cms">Tiny plastic shards are tearing through the digestive tracts of wild birds and causing permanent scarring</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/global-ceos-see-india-as-a-bright-spot-leader-in-5g-rollout/articleshow/98662569.cms">Global CEOs see India as a bright spot, leader in 5G rollout</a>

Exports dip for the third consecutive month in February to $33.8 bn

<ul><li>Indian merchants would now gain a competitive advantage due to the sharp decline in the rupee.</li><li><keyword id="554831" type="General" weightage="20" keywordseo="indian-exporters" source="Orion">Indian exporters</keyword> will benefit from a stronger dollar as their income is in US dollars and expenditure is in rupees, which means they gain when exchanging the USD to INR to pay salaries and rents.</li></ul>The rupee has been weakening against the US dollar since the beginning of the year and hit a lifetime low this week. While the <a href="https://track.sendpal.in/link/track/62da0bc020bb0f5d8ba44c50/mail/62da09538b0f05df45cf2e91/feature?url=https%3A%2F%2Fwww.businessinsider.in%2Ffinance%2Fnews%2Frupee-at-80-heres-how-a-falling-rupee-could-impact-indias-current-account-deficit%2Farticleshow%2F92897064.cms%3Futm_source%3Dbi%26utm_medium%3Demail_newsletter%26utm_campaign%3DBusiness_Insider_Newsletter" target="_blank">octogenarian currency</a> has disheartened many Indian students preparing to fly abroad, the Indian textile industry might be lining up bigger stacks of clothes to ship out abroad. As per the Ministry of Commerce and Industry, the<a href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1839164#:~:text=INDIA'S%20MERCHANDISE%20TRADE%3A%20Preliminary%20Data,32.49%20billion%20in%20June%202021."> export of readymade</a> garments (RMG) of all textiles contributed 3.80% to the country’s total merchandise export in April-June 2022. India’s RMG exports were worth $1449.3 million in June 2022, against export of $1003.3 million in June 2021, reporting growth of 44.67%. Overall, Indian merchants will earn more for the same orders as the <keyword id="126127" type="General" weightage="20" keywordseo="rupee-falls" source="Orion">rupee falls</keyword> because they get more rupees for every dollar earned. India has achieved a monthly value of merchandise export in June 2022 amounting to $37.94 billion, an increase of 16.78% over %32.49 billion in June 2021. <div type="image" title="unnamed (8)" msid="93061160" hostid="261" caption="&amp;lt;p&amp;gt;BI India&amp;lt;/p&amp;gt;"></div> What does India export and how do <keyword id="45574" type="General" weightage="20" keywordseo="exporters" source="Orion">exporters</keyword> benefit from a stronger dollar? Apart from textile, engineering goods, petroleum products, gems and jewellery, chemicals were the top five commodities exported from India. These merchants would now gain a competitive advantage due to the sharp decline in the rupee. Simply put, Indian exporters will benefit from a stronger dollar as their income is in US dollars and expenditure is in rupees, which means they gain when exchanging the USD to INR to pay salaries and rents. <div type="image" title="unnamed (9)" msid="93061167" hostid="261" caption="&amp;lt;p&amp;gt;BI India&amp;lt;/p&amp;gt;"></div> The gap in India’s trade deficit might tighten afterall India runs a trade <a href="https://track.sendpal.in/link/track/62da0bc020bb0f5d8ba44c50/mail/62da09538b0f05df45cf2e98/feature?url=https%3A%2F%2Fwww.businessinsider.in%2Ffinance%2Fnews%2Fwhy-and-which-countries-would-want-to-trade-with-india-in-rupees%2Farticleshow%2F92856587.cms%3Futm_source%3Dbi%26utm_medium%3Demail_newsletter%26utm_campaign%3DBusiness_Insider_Newsletter" target="_blank">deficit</a> – which means that it imports more than it exports. India’s imports exceeded exports by over $87 billion (about ₹6.87 lakh crore) in 2021-22. The weakening of the rupee makes exports more viable but imports become more expensive in rupees. Non essential imports will be discouraged to prevent a further outflow of dollars from the country. This, in turn, would improve the deficit that India runs. Typically India’s trade deficit is compensated by capital flows but with FPI selling, there is further pressure on the rupee. India is the world’s second-biggest consumer of gold. In a bid to reduce demand for the yellow metal, India raised its basic import duty on gold to 15% from 10.75% earlier this month. On top of that, RBI’s latest decision to <a href="https://track.sendpal.in/link/track/62da0bc020bb0f5d8ba44c50/mail/62da09538b0f05df45cf2e98/feature?url=https%3A%2F%2Fwww.businessinsider.in%2Ffinance%2Fnews%2Fwhy-and-which-countries-would-want-to-trade-with-india-in-rupees%2Farticleshow%2F92856587.cms%3Futm_source%3Dbi%26utm_medium%3Demail_newsletter%26utm_campaign%3DBusiness_Insider_Newsletter" target="_blank">allow international trade</a> in rupees is expected to reduce the pressure on India’s forex reserves. Bidding war on the docks? Indian merchants will have to prepare for a tough bidding war. They will have to compete with exporters of other countries like Philippines and Thailand, whose currencies have declined more than the rupee against the greenback and their exports have been on an upward trend. <div type="image" title="unnamed (10)" msid="93061178" hostid="261" caption="&amp;lt;p&amp;gt;BI India&amp;lt;/p&amp;gt;"></div> Neighbouring country China is the world’s <a href="https://worldpopulationreview.com/country-rankings/exports-by-country">largest </a>exporter. In 2021, China <a href="https://economictimes.indiatimes.com/news/international/business/chinas-trade-surplus-surges-to-record-676-4b-in-2021/articleshow/88890056.cms">exported </a>an estimated $3.3 trillion in 2021 trillion worth of goods and services, primarily electronic equipment and machinery such as broadcast equipment, computers, integrated circuits, office machine parts, and telephones. China also had a $73-billion trade <a href="https://www.businessinsider.in/finance/news/why-and-which-countries-would-want-to-trade-with-india-in-rupees/articleshow/92856587.cms">surplus </a>with India in 2021-22 – that is, Indian imports from China exceeded its <a href="https://www.businessinsider.in/finance/news/why-and-which-countries-would-want-to-trade-with-india-in-rupees/articleshow/92856587.cms">exports </a>to China by $73 billion. As the Chinese currency yuan also <a href="https://theprint.in/world/chinese-yuan-weakens-to-6-7071-against-dollar/1023534/">dropped </a>and given that the country enjoys a dominant position in international export markets, India would see increased pricing competition. Neighbouring country China is the world’s <a href="https://worldpopulationreview.com/country-rankings/exports-by-country">largest </a>exporter. In 2021, China <a href="https://economictimes.indiatimes.com/news/international/business/chinas-trade-surplus-surges-to-record-676-4b-in-2021/articleshow/88890056.cms">exported </a>an estimated $3.3 trillion in 2021 trillion worth of goods and services, primarily electronic equipment and machinery such as broadcast equipment, computers, integrated circuits, office machine parts, and telephones. China also had a $73-billion trade <a href="https://www.businessinsider.in/finance/news/why-and-which-countries-would-want-to-trade-with-india-in-rupees/articleshow/92856587.cms">surplus </a>with India in 2021-22 – that is, Indian imports from China exceeded its <a href="https://www.businessinsider.in/finance/news/why-and-which-countries-would-want-to-trade-with-india-in-rupees/articleshow/92856587.cms">exports </a>to China by $73 billion. As the Chinese currency yuan also <a href="https://theprint.in/world/chinese-yuan-weakens-to-6-7071-against-dollar/1023534/">dropped </a>and given that the country enjoys a dominant position in international export markets, India would see increased pricing competition. With a weaker rupee, foreign education could get more expensive While rupee’s value deprecation is good news for merchants, India’s students who are planning to study abroad might have to restructure your budget. Students will have to shell out more rupees for every dollar they spend. Simply put, you will have to spend over 21% more in terms of rupee to buy the same number of dollars. If you budgeted ₹20 lakh for your education abroad, you will now have to increase it to ₹24.2 lakh. International travel now more expensive After the lockdown, the travel sentiment has been high among consumers. As the rupee loses value against the US dollar, your plans to travel abroad will burn a deeper hole in your pocket – like everything, paying for your purchases in foreign currency, more so the US dollar, is now more expensive than ever before.

You Searched For "exports of merchandise goods" and got 13 results

India's Apr-Jun quarter exports cross $200 bln, government optimistic of reaching $800 bln annual target

ANI

Indian exports show resilience amid global challenges in first quarter, says CRISIL report

ANI

Govt seeks proposals for setting up e-commerce export hubs

PTI

Indian textile exports surge by 9.59% in May despite global economic challenges

ANI

India's trade deficit expected to decline further: Economic Survey

PTI

India's exports to China, UAE, Russia, Singapore rose in 2023-24

ANI

India's exports dip 2.83% to $33.9 bn in Nov; trade deficit narrows to $20.58 bn: Govt data

PTI

India's export of engineering goods to US grows by 6.8%, China's falls by 52.4%

ANI

Exports fall for third consecutive month by 12.7% in April; trade deficit at 20-month low

PTI

India's exports in January fell 6.58% to $32.91bn

IANS

India's footwear, textile exports vulnerable to global slowdown: Crisil

ANI

Exports dip for the third consecutive month in February to $33.8 bn

PTI

SIMPLY PUT: A weak rupee will be a bonanza for India’s exporters

Karuna Sharma

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