Gujarat And Maharashtra's Export Share Shrinks In India's Total Exports

New Delhi, Jan 24 (KNN) India's major exporting states, Gujarat and Maharashtra, grapple with an 8 per cent decline in total exports between April and December 2023 due to global economic instability and demand constraints caused by ongoing geopolitical crises in Europe and West Asia.

Gujarat, contributing one-third to India's total exports, saw its exports drop from USD 108.6 billion to USD 100 billion during this period, impacting the nation's overall export performance.

Maharashtra, the second-highest exporting state, experienced a similar downturn, with exports decreasing from USD 53.8 billion to USD 49.4 billion.

Four of the top five exporting states, including Karnataka and Uttar Pradesh, witnessed a decline in total exports, contributing to a 4.5 per cent decrease in India's overall exports to USD 317.12 billion from USD 332.7 billion in FY23.

Notably, Tamil Nadu bucked the trend with a 5.3 per cent increase in exports.

The gems and jewellery industry and the organic and inorganic chemical sector bore the brunt of the global demand crunch, experiencing declines of 16 per cent (USD 24.31 billion to USD 28.99 billion) and 11.7 per cent (USD 20.27 billion to USD 22.96 billion), respectively.

Despite the challenging scenario, electronic goods and drugs & pharmaceuticals emerged as export success stories.

Electronic goods recorded a remarkable 22 per cent growth, reaching USD 20.35 billion from USD 16.67 billion, while drugs and pharmaceuticals exports grew by 8.2 per cent, reaching USD 20.40 billion compared to USD 18.84 billion.

The poor export performance resulted in a decrease in the export share of Gujarat and Maharashtra in India's total exports, falling to 32.14 per cent and 15.89 per cent, respectively.

The impact of the ongoing geopolitical tensions and economic uncertainties continues to reverberate in India's export landscape.

(KNN Bureau)