SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 28 Feb, 2023  

Exports.9.Thmb.jpg Goods and services exports

exports-new012010.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
Staff Reporter | 28 Feb, 2023

Merchandise exports fell by 6.58 percent to $32.91 billion in January. This is for the second month in a row that the sector has witnessed decline, with goods exports falling by 12.2 percent Y-o-Y in December, 2022 to $34.5 billion. No doubt, deepening global slowdown is playing spoilsport, but if we look at the figures for the overall fiscal as well as the performance of the goods and services export sectors together, the situation is not that discouraging.

During the April (2022)–January (2023) period, merchandise exports increased by 8.51 percent to $369.25 billion and it is expected that overall goods exports for the current fiscal may reach $440-450 billion. At a time when most of our competing countries are witnessing sharp decline in their exports, these figures seem healthy. Merchandise trade deficit is, however, a concern, with imports increasing 21.89 percent to $602.20 billion during the April-January period.

But our healthy services trade, which registered robust growth of 30 percent till December 2022, is helping us to balance the trade deficit. It is also remarkable that merchandise trade deficit itself is gradually shrinking and fell to a 12-month low of $17.75 billion in January. According to official data, services export in April-January 2022-23 may reach $272 billion as compared to $206.28 billion in the previous year, which is encouraging.

Meanwhile, the Union Commerce Minister last week said that India’s goods and services exports are estimated to reach $1 trillion each by 2030. The merchandise exports sector needs to grow at 8-9.5 percent while the services sector at 16-17 percent to reach that goal, which seems difficult but not impossible. Adequate support from the Centre must always be there, however, to reach the ambitious target.

I invite your opinions.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter