IANS | 23 Jan, 2023
Merchandise exports increased nearly 1 percent in
December, rising from $38.45 billion compared to $38.08 billion in December
2022, according to official figures released last week. While a top government
official, commenting on these figures, viewed that India is "in the positive
zone" despite a global slowdown, experts point out that the sector needs
urgent help, particularly in the background of recent tensions arising in West
A deeper look into the exports figures shows that engineering
goods, gems & jewellery, electronic goods and drugs & pharmaceuticals
are of the sectors that majorly contributed to export growth in December. Exports
from the gems and jewellery sector rose 14.07 percent to $2.90 billion, engineering
goods exports grew of 10.19 percent at $10.04 billion and electronic goods
exports increased 14.41 percent. These figures are encouraging.
It is also good news that our agricultural exports continue
to grow in December and trade deficit during the April-December period improved
considerably from $108.13 billion in 2022 to $69.34 billion in 2023. However,
during the period, merchandise exports fell 5.70 percent year-on-year at
$317.12 billion. There is another concern that that services exports, which
have for some time now
had performed well, is estimated to contract by 10.61 percent in December.
an export association has pointed out that the recent tensions in West Asia added
to woes of the exporting community as freight rates have gone up “unimaginably
high”. It has urged the government to avail marine insurance for exporters and
bring down the freight charges. It seems to be the right time for the
government to come out with a host of supporting measures for the sector, also including
low cost of credit and marketing support.
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