It is now clear how a developing recession in the west is affecting India’s overseas commerce. Due to a downturn in demand from important markets following aggressive rate hikes by major central banks and an unfavourable base, merchandise exports decreased 12.2% from a year earlier to $34.5 billion in December 2022, the second decline in three months. In October, exports of goods had decreased by 16.65% on a yearly basis; however, November saw a flat growth.
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States’ Gross Fiscal Deficit Set to Fall in 2022-23, Says RBI
According to analysts, the CAD may have peaked in Q2FY23, but it may still be at high levels, even if the prospect of capital outflows is expected to have a greater impact on the rupee’s exchange rate.
Up to 19 of the 30 major industries had a fall from the previous year, including petroleum products, engineering products, gems and jewellery, textiles and apparel, medications, and pharmaceuticals. But when compared month to month (without accounting for seasonal variations), goods exports rose marginally by 7.7% in December.
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