The week in 5 charts | AUKUS deal, the Oscars 2023, exports and trade deficit falls, and more

Here are five charts that will help you understand some of the key stories from last week

Tentative global demand pulled India’s goods exports down 8.8% in February to $33.9 billion, while imports fell 8.2% from a year ago to $51.31 billion, according to Commerce Ministry estimates released on Wednesday. This is the third time in five months that merchandise exports have contracted, following an 11.6% drop in October 2022 and a 3% fall in December 2022.

Outbound shipments’ value dropped for as many as 16 of India’s top 30 export items in February, with 14 of them recording close to or higher than double digit declines. This included a 9.7% dip in engineering exports, which have been a bulwark of India’s exports in recent years.

The merchandise trade deficit during February 2023 fell 7% to $17.43 billion, slightly higher than January’s deficit, which in turn was the lowest in at least 18 months. The first two months of 2023 have now clocked a sharply lower average deficit than seen through all of 2022, when the monthly deficit hit a record billion in September.

For the first 11 months of 2022-23, India’s total goods exports now stand at $405.94 billion, 7.55% higher than in the same period of 2021-22. Imports have grown 18.82% over the same period to $653.47 billion from about $550 billion a year ago. Consequently, India’s goods trade deficit for this year is now 43.5% higher than in the first 11 months of 2021-22, at $247.53 billion.

On Tuesday, the U.S., U.K. and Australia came together to announce a nuclear submarine dealwith Australia. Under the deal, Australia will get up to five Virginia-class nuclear-powered submarines. A future generation of submarines will be built in the U.K. and in Australia with U.S. technology and support.

Editorial |Sharp divides: On the implications of the AUKUS trilateral defence pact

This is the first time that the U.S. is sharing its nuclear propulsion technology in 65 years and the first instance of a non-nuclear nation acquiring such capability. With these submarines and U.S. weapons on board, Australian stand-off capability increases to a great extent. It also gives the U.K. a chance to play a bigger role in the Indo-Pacific.