Nov shipments up 10.97%, imports increased by 5.6%
FIEO President Dr A Sakthivel sees exports coming back in the positive territory on expected line though the challenges continue due to slowdown in demand and rising inflation in most economies.
India’s trade exhibited an impressive performance with India’s overall export (Merchandise and Services combined) of US$58.22 billion in November2022. The exports exhibited a positive growth of 10.97% over the same period last year.
Overall import in November 2022 is estimated to be US$69.33 billion, exhibiting a positive growth of 5.6% over the same period last year.
Commenting on India’s November exports, he noted marginal increase in merchandise exports as a reflection of the toughening global trade conditions on account of high inventories, economies entering recession, high volatility in currencies and geopolitical tensions.
The drop in commodity prices and restriction on some exports, with a view to stem the price increase in the domestic market, have also affected the growth numbers.
“Further going forward, we should also look at the upcoming Fed rate hike as that also may add pressure on the flight of capital with the Bank of England also going for a recent rate hike,” said Dr Sakthivel.
However, the minor increase in imports is due to the jump in import of petroleum, crude & products, fertiliser and coking coal etc.
“We hope that the energy prices will come down further to provide more relief to us on the trade deficit,” opined FIEO Chief. fiinews.com
