Electronics & Pharma Sectors Lead India's Exports Amid Global Slowdown: April-Nov 2023

New Delhi, Jan 12 (KNN) Key sectors like electronic goods, pharmaceuticals, and iron ore are standing out in India's export landscape despite a global trade slowdown.

Exports of electronic goods surged by 23.38 per cent, reaching USD 17.73 billion, and pharmaceutical exports grew by 8.09 per cent to USD 16.56 billion between April and November.

However, segments like gems, petroleum products, and engineering goods either saw declines or remained unchanged due to challenges in global markets, particularly in Europe and the US.

The trade performance in 2024 is anticipated to be influenced by events such as the Red Sea impasse, rising crude oil prices due to the Russia-Ukraine conflict, US-China trade tensions, and the European Union's Carbon Tax and Forest regulations.

Smartphone exports exceeded USD 9 billion, contributing significantly to India's positive trade performance. On the other hand, exports of agricultural produce, gems, jewellery, petroleum products, and engineering goods faced challenges during this period.

In November, India's goods trade deficit reduced by almost 35 per cent, primarily due to a decline in imports. Merchandise exports marginally increased to USD 33.90 billion, while the merchandise trade deficit fell from USD 31.46 billion in October to USD 20.58 billion in November.

Despite the global trade slowdown, there is room for optimism, as India focuses on enhancing competitiveness in labour-intensive sectors, diversifying services sectors, and improving ease-of-doing-business initiatives, according to Ajay Srivastava, co-founder of the Global Trade Research Initiative.

(KNN Bureau)