India's merchandise exports contracted 12.2 per cent year-on-year (YoY) in December to $34.48 billion as slowing external demand amid recession fears in developed economies continued to weigh on outbound shipments, the data released by the commerce and industry ministry showed. Still in the first nine months of the current financial year, exports grew nearly 9 per cent.
The latest decline in the value of outbound shipments can also be attributed to the statistical effect of a high base because December 2021 witnessed the second-highest monthly exports in the previous financial year at $39.3 billion.
"There are a lot of headwinds. Despite that, our export competitiveness has held its head high... It is clear that there are headwinds and there is a recession in our export countries (markets). Therefore, we need to look at export targets in a manner that we are able to reap benefits in relation to countries witnessing GDP growth, such as Brazil and other Latin American nations," Commerce Secretary Sunil Barthwal said on Monday.
This story is from the January 17, 2023 edition of Business Standard.
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This story is from the January 17, 2023 edition of Business Standard.
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