Export outlook may remain flat in coming year if global growth does not pick up: Economic Survey 2022-23
The Hindu
India’s exports contracted by 12.2% to $34.48 billion in December 2022 due to the global demand slowdown
India’s export growth is likely to be flat in the next fiscal if the global economy does not pick up, the Economic Survey said on January 31.
The Survey said that though India’s merchandise exports have touched an all-time high of $422 billion in 2021-22, the world economy has started facing formidable headwinds and the ripple effect of the global trade slowdown has started reflecting in India’s goods export growth.
India’s exports contracted by 12.2% to $34.48 billion in December 2022 due to the global demand slowdown, and the trade deficit widened to $23.76 billion during the same period, according to government data.
During April-December this fiscal, the country’s overall exports rose 9% to $332.76 billion while imports increased 24.96% to $551.7 billion.
The trade deficit during April-December 2022 period widened to $218.94 billion as against $136.45 billion in April-December 2021.
“The export outlook may remain flat in the coming year if global growth does not pick up in 2023, as indicated by many forecasts,” the survey said.
In such cases, it said, diversification in export destinations and the product basket through free trade agreements (FTAs) would be useful to enhance trade opportunities.
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