During the first three months of the financial year (April-June), outbound shipments from India witnessed a growth of 5.8 percent.
India’s merchandise exports contracted 1.48 percent to $33.98 billion in July due to weak global demand and geopolitical challenges, data released by the Commerce Department showed.
Inbound shipments to the country rose 7.46 percent to $57.48 billion during the month, creating a trade deficit of $23.5 billion.
“Our exports are growing. Overall, exports between April and July are expected to grow by 6 per cent. Services exports are doing very well. Overall, till July, there has been positive growth,” Commerce Secretary Sunil Barthwal told reporters.
During the first three months of the financial year (April-June), outbound shipments from India witnessed a year-on-year growth of 5.8 percent, reaching $109.9 billion.
The World Trade Organization’s (WTO) April World Trade Statistics and Prospects report notes that the volume of world merchandise trade is projected to gradually recover in 2024 and 2025, after a contraction in 2023 due to the lingering effects of high energy prices and inflation in advanced economies, particularly Europe.
“Specifically, we expect merchandise trade to grow by 2.6% in 2024 and 3.3% in 2025, after falling by 1.2% in 2023,” it said. The multilateral trade body warned that regional conflicts and geopolitical tensions could limit the scope of trade recovery by triggering further increases in food and energy prices.
First published: August 14, 2024 | 15:36 IS
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