New Delhi: Slowdown has affected the world economy. export India’s figure declined for the fourth month in a row this May to around $35 billion, down 10.3 per cent from $39 billion in the same period last year. business fails At a five-month high of $22.1 billion.
However, a decline in imports for the fifth straight month this May to $57.1 billion as compared to $61.1 billion in the previous month prevented the trade deficit from widening sharply.
On the export side, items that saw growth in April-May 2023 over the same months last year included electronic goods, rice, pharma and spices, according to data released on Thursday. Whereas Petroleum productsGems and Jewellery, Engineering Goods, and chemicals Exports declined during this period. Smartphone exports have seen a sharp rise, more than doubling from $498 million last April to $1,068 million this April.
However, a decline in imports for the fifth straight month this May to $57.1 billion as compared to $61.1 billion in the previous month prevented the trade deficit from widening sharply.
On the export side, items that saw growth in April-May 2023 over the same months last year included electronic goods, rice, pharma and spices, according to data released on Thursday. Whereas Petroleum productsGems and Jewellery, Engineering Goods, and chemicals Exports declined during this period. Smartphone exports have seen a sharp rise, more than doubling from $498 million last April to $1,068 million this April.
On the import side, machinery, electronic goods, iron and steel and pulses showed growth in April-May 2023 over the same period last year. Petroleum products, Sleep, Coal, there was a decline in imports of chemicals and precious stones. India is looking forward to a faster economic recovery in the slow-growing developed world, which are its major export markets.
“DPIIT, Ministry of Commerce, invest india And Indian missions abroad will work together to focus on 40 major countries (including US and EU) as they account for 85% of our total exports,” said Commerce Secretary Sunil Barthwal.