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Indian Exports
India exported almost 17% less in October this year ($29.78 billion) as compared to what it did in October 2021 ($35.73 billion). Why are India’s exports falling?
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1 Reply
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- Currently, the main reason for the decline in India’s exports is weaker global demand.
- Global economic growth is slowing rapidly as a result of consistently high inflation in developed countries, which has resulted in a sharp tightening of monetary policy by almost all central banks.
- Going forward, the weakness in India’s exports is likely to sustain and in turn, will have a dampening effect on the growth of India’s gross domestic product (GDP).
- Did you know India exports nearly $400 bn worth of products but ranks poor 20th in total export by country?
- Its top export item is Refined petroleum.