Exports may hit $450 billion against $480 billion target – Times of India

NEW DELHI: India’s exports may reach around $440-450 billion during the current financial year, as against earlier projections of $470-480 billion, in the wake of the global slowdown and fall in commodity prices, government officials said.
While a formal assessment is yet to be done, monthly exports have been under $35 billion for the last three months, with overall exports during April-December 2022 adding up to $333 billion. If the current trend continues, exports may reach around $440 billion, which will eclipse last year’s record of $422 billion. Government officials believe that with some last-minute boost, India could end the year with close to $450 billion exports. “If there is an increase in oil prices because of China opening up, there may be a gain of $6-7 billion and help boost our exports,” said Ajay Sahay, director general at Federation of Indian Export Organisations (Fieo). While petroleum products have been booming, rising 52% to $70 billion during April-December, there was sharp decline of 27% in December, which was attributed to a fall in crude prices. Even other mainstays saw a decline in the value of goods shipped out in December. The list included engineering goods (down 12%), gems and jewellery (15% lower), cotton yarn and fabrics (down 40%) and made-up yarn and fabrics (27% fall).
Officials as well exporters attributed it to the muted demand in Europe and the US, which are grappling with high inflation and a decline in economic activity. Most agencies have, lowered the global trade projections. This has prompted the government to explore newer markets.

Source link

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -spot_img

Latest Articles