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India Exports January 2023: Bad news is coming related to the country’s export business. The Union Ministry of Commerce released the data related to exports on Wednesday. India’s exports declined by 6.58 percent to $32.91 billion in the month of January. It has reached the lowest level in the last 12 months. Know how much the exports have declined.
1 year low
Export of finished goods in India has decreased by 6.58 percent in the month of January 2023. Which is at $ 32.91 billion. Last year in January 2022, exports were $ 35.23 billion. At the same time, in January 2023, the trade deficit has come down to $ 17.75 billion. Which has been at the lowest level in the last 1 year.
what do the figures say
According to the latest data released by the Ministry of Commerce, last month exports decreased by 3.63 percent to reach $ 50.66 billion. It was $ 52.57 billion in January 2022. The country’s merchandise exports have reached $369.25 billion during the first 10 months of the current financial year i.e. April, 2022-January, 2023 with an increase of 8.51 percent. During this period, imports increased by 21.89 percent to $602.20 billion. The same trade deficit in the last 10 months has been $ 233 billion. The country’s exports declined by 12.2 percent to $34.48 billion in December 2022. In January 2022, the trade deficit had reached $17.42 billion.
How much was the impact on gems and jewelery
Exports have come down significantly in the first 10 months of the current financial year. Exports include engineering goods, iron bars, plastics and linoleum, gems and jewellery. Engineering exports declined by 3.37 per cent to Rs 88.27 billion during April-December. During this period, the export of gems and jewelery declined by 0.54 percent to $31.61 billion.
Record breaking exports despite recession
Sanjay Budhia, chairman of the National Committee on Exports and Imports of the Confederation of Indian Industry, says that despite adverse global conditions, political instability and slowdown in major economies during April-December in the current year, the country’s goods India’s exports have seen record growth.
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