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Business News/ Opinion / Quick Edit/  Export challenge
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Export challenge

India’s goods exports dipped 6.6% from a year earlier to $32.91 billion in January, according to government data released on Wednesday. This is the third decline in four months

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India’s goods exports dipped 6.6% from a year earlier to $32.91 billion in January, according to government data released on Wednesday. This is the third decline in four months. Imports also fell last month by 3.6% year-on-year to $50.66 billion. Encouragingly, our trade deficit at $17.75 billion in January is now well below the $30 billion peak hit last July. With exports trending lower, however, it seems likely that the global economic slowdown is starting to wear down demand. As the West nears a possible recession, our export prospects could weaken further. In addition, as China leaves behind its strict lockdowns to get back to business, competitive heat in global markets could intensify. Still, a plus-$30 billion export figure isn’t all that bad. For the April-January period, Indian shipments are up 8.5% at $369.25 billion. If our monthly exports maintain their current pace, the full-year tally might exceed 2021-22’s record level of close to $420 billion. As a proportion of GDP, however, our export trajectory of the past decade has been disappointing. The question is whether India’s new industrial policy thrust and supply-chain allure can boost the country’s performance.

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Published: 15 Feb 2023, 11:15 PM IST
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