Exports shrink for 2nd mth in a row, drop 6.6% in Jan
- New Delhi: Contracting for the second month in a row, India's exports dipped by 6.6% to $32.9 billion in January due to slowdown in global demand, even as the trade deficit touched a 12-month low of $17.8 billion during the month, according to official.
- Imports in January too contracted by 3.6%, the second consecutive month, to $50.7 billion, Cumulatively, however, during April-January 2022-23, the country's merchandise exports rose 8.5% to $369.3 billion, while imports increased 21.9% to $502.2 billion, the data showed. The merchandise trade deficit for the April January this fiscal stood at about $233 billion.
- The country's exports had contracted by 12.2% to $34.5 billion in December 2022. Last time, it was in January 2022, when the trade deficit touched $17.4 billion.
- Export sectors that recorded negative growth during the 10-months period of this fiscal include engineering goods, iron ore, plastic and linoleum, gems and jewellery Engineering exports dipped by 3.4% to $88.3 billion during April January 2022-23. In the same period, gems and jewellery shipments declined by 0.5% to $31.6 billion.