Goods exports dip 3% in FY24, imports fall faster
The increase in export of services from India is expected to compensate for the decline in merchandise exports.
The increase in export of services from India is expected to compensate for the decline in merchandise exports.
India's chemical exports to North America dropped significantly, from 21% (between 2019 and 2021) to 2% (from 2021 to 2023), says McKinsey.
The EFTA states have become the first European partner to conclude an FTA with India.
The GTRI report points out that India's exports to these FTA partners have increased at a lower rate than its imports.
The goods imports during the month showed a decline from $61.22 billion in December 2022 to $58.25 billion in December 2023.
Sector Macroscope
Debt-fueled consumption marked by growing “unsecured” loans, high-frequency indicators limited to formal sector and government capex which is feeble don’t really add up.
Merchandise imports for October shot up 12.3% to $65.03 billion, as compared to $57.91 billion in October 2022.
The services exports surged 13.43% year-on-year to $28.70 billion during the month under review as against $25.30 billion in the same period last year
With denial of investments, tighter regulations, rapid import substitution and crackdown on misdeeds of companies, India is giving it back to China like very few nations have.