Explore Business Standard
Don’t miss the latest developments in business and finance.
India's Export
India's merchandise and services exports combined in the current financial year ending March will be close to USD 760-770 billion, Union Minister for State for Commerce and Industry Anupriya Patel said on Thursday. The country's merchandise and services exports stood at USD 672 billion in the last fiscal. "We are focusing in every possible way on how we can export more and more because today India's share in global merchandise trade is close to 1.8 per cent. As far as services trade is concerned, it is just 4 per cent. We want to take it to 10 per cent," Patel said at the Sourcex India event here. India's merchandise and services exports in the current financial year ending March will be close to USD 760-770 billion, she noted. The minister also mentioned that the Indian economy is one of the fastest-growing economies in the world, and with the increasing globalisation of trade, there is immense potential for Indian businesses, particularly brands to expand their footprint in the .
India's merchandise exports of commodities such as cotton, manmade yarn and textile dyes may be impacted in the short run to earthquake-hit Turkiye, according to exporters. Two powerful earthquakes hours apart on Monday last week caused widespread destruction of property and killed more than 28,000 people, leaving millions homeless in Turkiye. The earthquakes also caused damage to the infrastructure and logistics network with the Port of Iskenderun remaining closed for around a week. Exports to Turkiye increased to USD 6.2 billion during April-November 2022 against USD 5.1 billion in the corresponding period in 2021. Federation of Indian Export Organisations (Fieo) Director General Ajay Sahai said that the extent of the damage in Turkiye is yet not known and thus its impact on exports is difficult to ascertain. However, the earthquake will further depreciate Turkish Lira , which has significantly depreciated recently, and has touched its record low following the earthquake making
India's exports contracted by 6.57 per cent to USD 26 billion in September mainly due to significant dip in shipments from key sectors such as petroleum, engineering, leather, chemicals, and gems & jewellery. Imports too declined by 13.85 per cent to USD 36.89 billion, narrowing trade deficit to USD 10.86 billion in September, according to official data released on Tuesday. Trade deficit in September last year stood at USD 14.95 billion. Out of 30 key export sectors, as many as 22 showed negative growth in September. Shipments of gems and jewellery, engineering goods, and petroleum products contracted by 5.56 per cent, 6.2 per cent and 18.6 per cent, respectively. In September, oil imports declined by 18.33 per cent to USD 8.98 billion, and non-oil imports fell by 12.3 per cent to USD 27.91 billion. Cumulatively, during April-September 2019, exports were down 2.39 per cent to USD 159.57 billion while imports contracted by 7 per cent to USD 243.28 billion. Gold imports plunged ..