Source: IE
Context: Trade data (released by the Ministry of Commerce and Industry ) points to slowing global and domestic demand
Key points:
- India’s overall exports surpassed the 2022-23 target of $750 billion dollars (nearly $770 billion)
- Trade Balance (Export-Import): Negative ($122 billion in FY23 in comparison to $83 billion in FY22).
- Goods trade deficit: $266 billion
- Services trade surplus: Nearly $144
- India’s merchandise exports and importshave now declined in three of the last four months.
- Major items of export by India: Petroleum, Electronics goods, rice, etc.
- Major Items of import: Petroleum and Coal.
- Major Export Destinations: USA, UAE, Netherlands and China.
- Major Import Destinations: China, UAE, USA and Russia.
