Goods exports dip 3% in FY24, imports fall faster
The increase in export of services from India is expected to compensate for the decline in merchandise exports.
The increase in export of services from India is expected to compensate for the decline in merchandise exports.
China's share in the global exports market has increased by 1.7% in the last five years
India's chemical exports to North America dropped significantly, from 21% (between 2019 and 2021) to 2% (from 2021 to 2023), says McKinsey.
The EFTA states have become the first European partner to conclude an FTA with India.
India is emerging as a start-up nation, creating 12 lakh-plus jobs. The MSME sector, meanwhile, contributes more than 29% to the country’s GDP and is responsible for 50% of total exports.
Services exports, which grew 26.79 % year on year to touch $ 322.72 billion in 2022-23 was the prime driver for Indian export performance the previous year too.
By the 2011-12 GDP series data, three growth engines (PFCE, GFCE and exports) are down and by the 2004-05 GDP series, all four (including GFCF) are down
The GTRI report points out that India's exports to these FTA partners have increased at a lower rate than its imports.
The goods imports during the month showed a decline from $61.22 billion in December 2022 to $58.25 billion in December 2023.
Debt-fueled consumption marked by growing “unsecured” loans, high-frequency indicators limited to formal sector and government capex which is feeble don’t really add up.