Not only India but exports of major countries also decreased in April

[ad_1]

New Delhi: In the first month of April of the financial year, there has been a huge decline in exports to major countries America, UAE, China, Singapore, Bangladesh and Germany and these countries are the main markets of India’s exports. This has led to a decline of 12.69 percent in India’s exports during the period under review. This information has been obtained from the statistics of the Ministry of Commerce.

America is the largest export market for India. America’s share in total exports from India is 17 percent. Exports to the US fell by 17.16 per cent to $5.9 billion in April. After this, the second largest export market for India is the United Arab Emirates. Exports from India to the UAE declined by 22.09 percent to $2.23 billion. The total value of exports to these two countries was $8.13 billion and was more than 23 per cent of India’s total exports.

Six out of the top 10 exporting countries to India have registered a decline. In this sequence, a decrease of 8.38 percent, 23 percent, 20.69 percent and 3.59 percent was registered in the exports of Saudi Arabia, Netherlands, Britain and Italy respectively. The share of these 10 countries in the total export value in April was 48 per cent.

Exports to the UAE have declined despite a free trade agreement between West Asia and India. The UAE also sends goods to the Commonwealth of Independent States and the Gulf States. UAE plays the role of a channel. Exports to UAE were adversely affected due to fall in imports from these countries.

In addition, the fall in the prices of petroleum products resulted in their imports at lower prices, which in turn affected the re-export prices of these items. Informers said that the demand situation is going to change in the next two-three years.

Demand has not been good in the United Arab America and Europe, the biggest export markets for India. India’s exports have registered a sharp decline due to severe slowdown in major destination countries. Due to which the prices of goods have also come down. However, according to the government, the Russia-Ukraine conflict has actively affected exports.

India’s total imports fell 14 percent to $49.9 billion, a 20-month low. Among India’s top 10 importing countries, only Russia and Japan saw an increase in imports during April.