India's exports fell in June 2023. According to data from the commerce ministry, exports fell by 22% to $32.97 billion in June, from $42.28 billion in the same month last year.
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| export fall in June 2023 |
This was the steepest decline in exports in the last three years.
The decline was attributed to a slowdown in demand in global markets, especially in the Western markets like the US and Europe.
Here are some of the factors that contributed to the decline in India's exports in June:
- The ongoing war in Ukraine has disrupted global supply chains and led to higher commodity prices.
- The US Federal Reserve's decision to raise interest rates has led to a slowdown in global economic growth.
- The depreciation of the Indian rupee has made Indian exports more expensive.
The decline in exports is a worrying sign for the Indian economy. Exports are a major source of foreign exchange earnings for India, and a decline in exports can lead to a slowdown in economic growth. The government is taking steps to boost exports, such as providing incentives to exporters and making it easier for them to do business. However, it remains to be seen whether these measures will be enough to reverse the decline in exports.
Here are some of the top goods and services that India exports and imports
Exports
Petroleum products: India is a major exporter of petroleum products, such as refined petroleum, crude oil, and petroleum gases.
Gems and jewellery:India is a leading exporter of gems and jewellery, especially diamonds.
Engineering goods:India exports a wide range of engineering goods, such as machinery, transport equipment, and electrical equipment.
Pharmaceuticals: India is a major exporter of pharmaceuticals, both generic and branded.
Information technology (IT) and software: India is a major exporter of IT and software services.
Textiles: India is a major exporter of textiles, such as cotton yarn, fabrics, and garments.
Agriculture products: India is a major exporter of agricultural products, such as rice, wheat, sugar, and spices.
Services:India is also a major exporter of services, such as business services, tourism, and transportation.
Imports
Crude oil:India is a major importer of crude oil, which is used to meet its domestic energy demand.
Machinery: India imports a wide range of machinery, such as industrial machinery, agricultural machinery, and construction machinery.
Electronics: India imports a wide range of electronics, such as mobile phones, computers, and televisions.
Chemicals:India imports a wide range of chemicals, such as fertilizers, plastics, and pharmaceuticals.
Transportation equipment: India imports a wide range of transportation equipment, such as cars, trucks, and aircraft.
Foodgrains: India imports foodgrains, such as wheat and rice, to meet its domestic demand.
Raw materials: India imports raw materials, such as iron ore, coal, and copper, to meet its industrial needs.
These are just some of the top goods and services that India exports and imports. The specific products and services that India trades in vary depending on the country or region with which it is trading.