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.
Overall trade deficit dipped 37.11% to $70.43 billion in April-January 2023-24 from $111.99 billion in the year-ago period.
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.
While India's consumption demand and trade deficit were a dampener, the gross fixed capital formation grew by a solid 11%, a double-digit growth for the first time in five quarter.
India exported $ 33.9 billion worth of goods in November 2023, marginally lower than $34.89 billion in November 2022
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
Merchandise exports declined by 22% to $32.97 billion in June as against $42.28 billion in the same period last year.
The sequential decline in CAD mainly on moderation in the trade deficit to $52.6 bn from $71.3 bn in the previous quarter, coupled with robust services exports