Monday, June 2, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Dip in demand from China, Italy may have hit India’s merchandise exports

by Euro Times
October 5, 2022
in Business
Reading Time: 2 mins read
A A
0
Home Business
Share on FacebookShare on Twitter



A decline in external demand from countries, such as China, Bangladesh, and Italy, is driving down India’s merchandise exports that could have led to exports contraction in September for the first time in 19 months.


Disaggregated data available till August showed, among top 50 export destinations of India, shipments contracted to 19 and 17 economies in July and August, respectively. In contrast, exports had declined only to six among the top 50 destinations in June.


Economic slowdown in China and its zero-Covid policy has led to 35.6 per cent contraction in India’s exports in April-August period. S&P last week slashed its growth forecast for China to 2. 7 per cent from 3. 3 per cent for 2022.


Among other countries to which cumulative exports have contracted during the April-August period include Singapore (-22 per cent), Hong Kong (-15.15 per cent), Japan (-6.8 per cent), Vietnam (-19.7 per cent), Poland (-5.2 per cent), and Russia (-24.4 per cent).


In August, exports started shrinking to key economies such as the United Kingdom (-3.35 per cent), Saudi Arabia (-10.7 per cent), Germany (-4.4 per cent) and South Korea (-16 per cent).


Chart


September trade data released late on Monday showed, India’s merchandise exports contracted 3.5 per cent to $33.6 billion while merchandise imports decelerated substantially to grow 5.4 per cent to $59.3 billion, leading to a trade deficit of $22.7 billion.


Non-petroleum exports in September contracted 7.25 per cent to $26.5 billion while non-petroleum imports grew 10.7 per cent to $43.75 billion.


QuantEco Research in a note said India’s exports were facing adverse spillovers from weakening of global demand on account of rapid tightening of global financial conditions and persistence of heightened geopolitical uncertainty. “This (contraction in exports in September) portends a significant loss of momentum, also corroborated by the sequential contraction of 3.8 per cent month-on-month- this marks the third consecutive sequential decline in exports,” it added.


During the first half (April-September) of the fiscal year FY23, India’s merchandise exports grew 15.5 per cent to $229 billion while imports rose 37.9 per cent to $378.5 billion, leading to a trade deficit of $149.5 billion.


In September, export of engineering goods, organic and inorganic chemicals, pharmaceuticals, readymade garments, cotton yarn, and rice contracted while export of petroleum products, gems and jewellery, electronic goods, and marine products increased.


Similarly, during the month, imports of petroleum products, electronic goods, gold, precious stones, chemicals, vegetable oil while import of machinery, transport equipment, coal, and iron and steel increased.


The World Trade Organization (WTO) in its latest goods trade barometer pointed to stagnating global trade growth. The volume of world merchandise trade plateaued with year‐on‐year growth slowing to 3.2 per cent in the first quarter of 2022, down from 5.7 per cent in the fourth quarter of 2021. WTO has projected 3 per cent growth in volume of global merchandise trade in 2022 compared to 9.8 per cent growth in 2021. “Uncertainty surrounding the forecast has increased due to the ongoing conflict in Ukraine, rising inflationary pressures, and expected monetary policy tightening in advanced economies,” it added.



Source link

Tags: ChinaDemanddipExportsHitIndiasItalyMerchandise
Previous Post

Equinox Gold launches commercial production at Santa Luz mine (NYSE:EQX)

Next Post

The Power Play by The Market Herald Releases New Interviews with Resouro Gold and Argentina Lithium & Energy Corp Discussing Their Latest News

Related Posts

TotalEnergies Plans To Boost LNG Sales From US To India, Says CEO

TotalEnergies Plans To Boost LNG Sales From US To India, Says CEO

by PTI
June 2, 2025
0

"We make investments quite a bit in photo voltaic and wind in India, with Adani specifically. And so we mentioned...

Niva Bupa slumps 10% as True North cuts stake

Niva Bupa slumps 10% as True North cuts stake

by Euro Times
June 2, 2025
0

In accordance with block deal information on the BSE, Fettle Tone bought 8.14 crore shares at a median value of...

Is the trend of chasing themes in the market over? Shreyash Devalkar explains

Is the trend of chasing themes in the market over? Shreyash Devalkar explains

by Euro Times
June 2, 2025
0

Shreyash Devalkar, Fund Supervisor, Axis Mutual Fund, says the market has matured, making broad funding themes much less efficient. Slim...

First Guaranty Bancshares 8.8% Yielding Preferred (FGBIP): Hold Due To Loan Concern

First Guaranty Bancshares 8.8% Yielding Preferred (FGBIP): Hold Due To Loan Concern

by Jeremy LaKosh
June 2, 2025
0

This text was written byComply withAbout My Writing: I'm at present targeted on revenue investing by way of both frequent...

Russia says several military aircraft caught fire after alleged large-scale Ukrainian drone attack: Report

Russia says several military aircraft caught fire after alleged large-scale Ukrainian drone attack: Report

by zee business
June 2, 2025
0

Russia-Ukraine Struggle Replace: Russia reportedly stated on Sunday that a number of of its plane had been on hearth after...

Piyush Goyal Pushes for Swift India-EU FTA Conclusion During Paris Visit

Piyush Goyal Pushes for Swift India-EU FTA Conclusion During Paris Visit

by Rishabh Bhatnagar
June 1, 2025
0

Union Commerce and Trade Minister Piyush Goyal on Sunday mentioned that whereas there isn't a fastened timeline for the discussions,...

Next Post
The Power Play by The Market Herald Releases New Interviews with Resouro Gold and Argentina Lithium & Energy Corp Discussing Their Latest News

The Power Play by The Market Herald Releases New Interviews with Resouro Gold and Argentina Lithium & Energy Corp Discussing Their Latest News

Become a Certified Stress Management Coach

Become a Certified Stress Management Coach

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

PSU banks to set up common platform for debt recovery

PSU banks to set up common platform for debt recovery

June 2, 2025
TotalEnergies Plans To Boost LNG Sales From US To India, Says CEO

TotalEnergies Plans To Boost LNG Sales From US To India, Says CEO

June 2, 2025
Circle’s IPO attracts major interest, set for .2B valuation

Circle’s IPO attracts major interest, set for $7.2B valuation

June 2, 2025
Tehran to offer nuclear assurances — RT World News

Tehran to offer nuclear assurances — RT World News

June 2, 2025
Niva Bupa slumps 10% as True North cuts stake

Niva Bupa slumps 10% as True North cuts stake

June 2, 2025
House prices are dropping across London – but people are still having to leave the capital to buy

House prices are dropping across London – but people are still having to leave the capital to buy

June 2, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

PSU banks to set up common platform for debt recovery

TotalEnergies Plans To Boost LNG Sales From US To India, Says CEO

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In