2024-02-29 16:57:00
Big decline in India’s non-oil exports. As of January, the export rate was the lowest in the last nine months, reports The Indian Express. The country experienced a nine percent decline in non-oil exports. The decline in exports was mainly due to the slowdown in global cargo movement and Houthi attacks on cargo through the Red Sea. The suspension of cargo through the port of Rotterdam in the Netherlands also created a backlash. A 37 percent decline was recorded in exports of electronics products to the Netherlands.
Exports of pharmaceuticals declined by 18 percent and exports of engineering by 15 percent. Exports to the US fell by 6.32 percent. In fish export 19.87%, engineering 12.61%, meat-dairy products 11.54%, jewelery and diamond sector 10.83%. Exports to Britain also fell by 12 percent in January. Export demand to the UK is set to reverse at least through mid-2023.
Oil exports to Europe fell by 22 percent. But exports to Singapore, Australia, Indonesia, Japan, Oman, Sri Lanka and Bangladesh have increased marginally, according to the report. Jan Hoffmann, head of the United Nations Conference on Trade and Development, said that the export of developed countries was hindered when the movement of goods through the Red Sea became difficult. He also informed that new developments are being monitored.
Weakness in all eight basic areas
New Delhi: Growth in eight basic sectors of the country at the lowest rate in 15 months. January’s growth slowed to 3.6 percent. The reason for the decline is the decline in fertilizer and refinery sectors. The Ministry of Commerce and Trade released the report yesterday.
Eight basic sectors like coal, crude oil, natural gas, refinery, fertiliser, steel, cement and electricity recorded a growth of 4.9 per cent in December last year. The lowest growth rate recorded so far was in October 2022. It was 0.9 percent.
English Summary: Exports decreased
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