India ExportImage Credit source: File Photo
Due to the increasing recession in Europe and America, the effect of reduced global demand is now clearly visible in India. It is clearly visible in the picture presented by India’s export data that the country has suffered a lot on the export front. Talking about the figures, in the month of April, exports have decreased by 13 percent in the same period last year and in terms of rupee, this is the biggest decline in 3 years. Let us also tell you that after all what kind of data of export as well as import is being seen.
13 percent drop in exports
According to the data of the Ministry of Commerce, the country’s exports decreased by 13 percent in the month of April as compared to the same period last year. In the month of April, India’s exports were seen at $ 34.66 billion, which was seen at $ 39.70 billion in April 2022. According to experts, due to weak demand at the global level and continuous fall in commodity prices, there has been a decline. The special thing is that such a huge decline was last seen in May 2020.
Import decreased, service export increased
At the same time, there has also been a decline of 14 percent in imports and the figure has come down to $ 49.90 billion. In the same period a year ago, the country’s import was $ 58.06 billion. Due to which there has also been a decline in the trade deficit and it has come down to $15.24 billion from $18.36 billion last year. If we talk about service exports, then in the month of April, it has increased by 26 percent to reach $ 30.36 billion. Which was $ 24.05 billion in the same month last year. At the same time, service import has increased by 17 percent and has increased from $ 14.06 billion to $ 16.05 billion last year.
Decline in overall petro-products exports
Except for four countries, exports to all top destinations decreased by 4 per cent to 43 per cent in April this year as compared to last year. Export of petroleum products to Netherlands, UK, Saudi Arabia and Italy increased by 23.04 per cent, 20.69 per cent, 8.38 per cent and 3.59 per cent respectively. Meanwhile, overall petro-products exports declined by 1.38 per cent amid a sharp fall in crude oil prices. Exports in this category stood at $6.48 billion last month as compared to $7.86 billion in April 2022. Crude oil prices remained volatile in the last financial year due to the Ukraine War, which ranged from $75-130 per barrel.