India’s merchandise shipments to certain Asian and African regions contracted in FY23, thus weighing on overall growth in exports.
There was growth in exports to the European Union and the US, notwithstanding the economic downturn and heightened geopolitical risks in the developed world. India’s merchandise exports had risen 6.7 per cent to $450.4 billion in FY23.
According to disaggregated data released by the commerce department, a decline in exports to Northeast Asia, comprising China (-27.9 per cent), Hong Kong (-9.9 per cent), South Korea (-17.7 per cent), Japan (-11.5 per cent), pared India’s overall exports growth. While the “Zero Covid” policy in China for most of FY23 reduced demand for Indian goods, Japan and South Korea slashed imports of diamonds and petroleum products from India, as it sourced such items from the sanctioned-hit Russia.
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