Darshita Jain, Pune
India’s total exports (including goods and services) are predicted to reach USD 59.43 billion in July 2023, representing a decline of (-) 5.06 per cent from July 2022. The estimated value of all imports in July 2023 is USD 67.77 billion, representing a decline of (-)12.92% from July 2022.
According to Satya Srinivas, Additional Secretary of the Ministry of Commerce, India’s exports are falling due to a clearly shrinking import base in consumer economies like the United States and Europe. However, he predicted that the second half of the year would see an increase in the momentum of trade. According to estimates from the ministry, service exports kept on rising, increasing by 12% year over year. Services imports have increased by 5.6%.
The trade deficit decreased by 45.22 per cent to $8.35 billion in July 2023, while the merchandise trade deficit decreased by 18.74 per cent to $20.67 billion. Exports of iron ore increased significantly by 962.82%, while exports of electronic goods, ceramic products, and glassware increased by 13.09% and 37.6%, respectively. Exports of agricultural products, such as fruits and vegetables, rice, oil seeds, oil meals, and rice, grew rapidly, by 18.94% and 5.38%, respectively.
The total value of India’s exports (including goods and services) is predicted to decrease by -5.98% from April to July 2022. The total volume of imports is predicted to decrease by – 11.09% from April to July 2023 compared to the same period in the previous year.
Due to the global slowdown, India’s trade performance in July 2023 decreased. Iron ore, oil meals, oil seeds, ceramic products, fruits and vegetables, electronic goods, coffee, cotton yarn or fabric, handloom products, rice, cereal preparations, and drugs and pharmaceuticals were just a few of the 30 key sectors that experienced positive growth.
Exports of electronic goods increased by 13.09% in July 2023 to USD 2.05 billion. Exports of electronic goods increased by 37.60% from April to July 2023 to USD 9.01 billion. Exports of services are anticipated to increase by 7.56% during April–July 2023.