The markets of the world, which are suffering from rising inflation, are now moving towards the darkness of recession. This is indicated by the decreasing figures of exports. Despite the fall in the rupee, India’s exports are continuously decreasing. The February figures are even more troubling. The country’s exports declined for the third consecutive month in February. India’s exports declined by 8.8 per cent to $33.8 billion from $37.15 billion in the same month last year.

This information was received from the data released on Wednesday by the Ministry of Commerce. The country’s exports have declined for the third consecutive month. Imports also declined by 8.21 per cent to $51.31 billion during the period under review, as against $55.9 billion in the same month last year. The country’s trade deficit stood at $17.43 billion in February. During April-February of the current financial year, the country’s total merchandise exports increased by 7.5 percent to $405.94 billion. Imports increased by 18.82 percent to $653.47 billion during this period.

Excellent performance of service exports

Commerce Secretary Sunil Barthwal said that going by the trends so far, India’s goods and services exports will cross $750 billion in 2022-23. “We have maintained the momentum despite adverse global conditions,” Barthwal told reporters here. Exporters have maintained the momentum. The performance of service exports is very good. The trade deficit has actually come down. Hope we will do better. ”He said that the ministry has started the exercise of setting targets for the next financial year.

Exports of gems and jewellery, cotton yarn/cloth declined

Sectors which registered negative growth in terms of exports during 11 months of the current financial year include engineering goods, gems and jewellery, cotton yarn/fabrics and plastics. Engineering exports declined to $98.86 billion during April-February 2022-23 from $101.15 billion in the same period last fiscal. Gems and jewelery exports declined to $35.21 billion during April-February 2022-23 from $35.32 billion in the same period a year ago. Sectors showing positive growth include petroleum products, chemicals, drugs, electronic goods, rice and ready-made garments. Gold imports declined to $31.72 billion during April-February of the current fiscal from $45.12 billion in the same period last year. Crude oil imports rose to $193.47 billion in 11 months of the current financial year, from $140.67 billion in the same period of 2021-22.

Edible oil imports up 12 percent in February

On the one hand, where India’s exports are decreasing, on the other hand, the rising bill of imports has increased the concern of the government. India’s edible oil imports rose 12 per cent year-on-year to 10.98 lakh tonnes in February due to higher imports of crude palm oil. The Solvent Extractors Association of India (SEA) said in a statement on Wednesday that edible oil imports rose to 10,98,475 tonnes in February from 9,83,608 tonnes in the year-ago period. Imports of edible oil declined to 16,006 tonnes in February from 36,389 tonnes in the same month last year.

Rupee rises 4 paise to 82.33

If economics books are to be believed, under normal circumstances, a depreciating rupee is beneficial for exporters. But where gold has fallen from 78 to 83 rupees per dollar since last year, but exports are continuously decreasing. The rupee on Wednesday appreciated by four paise to 82.33 against the US dollar in early trade amid weakness in the US dollar and gains in the domestic equity market. At the interbank forex market, the rupee opened strong at 82.32 against the dollar, then recovered to 82.30 with some gains.

Latest Business News