Electronics, petro goods, mobile phones drive H1 exports growth

Mobile phones, tobacco, processed food products, electronics, gold jewelery and leather goods drove India’s merchandise exports in the first six months of the fiscal year, at a time when trade volume growth worldwide is decreasing.

India’s outbound shipments of telecom instruments rose 88.24% year-on-year in April-September FY23 to $5.03 billion, while those of gold and other precious metal jewelry grew 22.24% to $6,500 billion, driven by consumer sentiment in the United States, the Middle East and Hong Kong. . Thailand, Switzerland and Singapore have emerged as new growth markets for the country’s gem and jewelery exports. Exports of petroleum products grew by 84.02% to 52.6 billion dollars. Exports of processed fruits and vegetables increased by 42.42% during the period, and exports of electronic instruments increased by 24% to nearly $2 billion.

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Global trade growth is expected to slow to 1% in 2023, sharply lower than the previous estimate of 3.4%, due to global uncertainties, the World Trade Organization said in its October forecast. India’s merchandise exports in the first half of FY23 rose 16.96% y-o-y to $231.88 million from $198.25 million in the year-ago period.

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“We have been working with all stakeholders such as farmers, exporters and processors to ensure that quality agricultural and processed food products are exported from the country,” said M Angamuthu, chairman of the Agricultural and Processed Food Export Development Authority .

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The country’s total export of agricultural and processed food products increased by 25% to $13.7 billion between April and September of FY23 compared to the same period in the previous fiscal year.

However, exports of iron and steel, organic chemicals, plastic raw materials, cotton fabrics and garments lagged behind, slowing overall merchandise export growth to single digits in the second quarter of FY23. exports contracted by 36.86%, 2.43%, 16.67% and 7.49%, respectively, in the first half of 2022-23.

The slowdown in Europe and China also contributed to the decline in exports of engineering goods, of which iron and steel are key components, representing almost a quarter of the country’s total merchandise exports.

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“Engineering exports are experiencing a downward trend. In September, they registered a fall of 10.85%, while in cumulative terms, i.e. between April and September 2022, they showed a meager increase of only 1.15% ,” said EEPC India President Arun Kumar Garodia. attributing the decline to a more than 60% drop in iron and steel exports in September and a 15% export duty on steel products applicable from May 21, 2022.

Commerce and Industry Minister Piyush Goyal is likely to meet export promotion councils and industry representatives on Monday to discuss issues related to India’s trade.

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