Wednesday, March 22, 2023

India records narrowest trade gap in 13 months on falling imports – Usky News

New Delhi: Goods of India trade deficit fell to a 13-month low in February Import The decline comes amid a slump in demand in the economy.
difference between export Trade Secretary Sunil Barthwal told a press conference on Wednesday that imports declined for the fourth consecutive month in February to $17.43 billion. That’s less than the $19.2 billion gap seen by economists in a Bloomberg survey and compares with a January reading of $17.74 billion.
Exports fell 8.8% to $33.8 billion in February from a year earlier, while imports stood at $51.3 billion, down 8.2% – the biggest drop in more than two years.
Fears of a recession are weighing on demand for Indian goods overseas as global central banks continue with monetary tightening to combat price pressures. Aggressive interest rate hikes by the Reserve Bank of India are also dampening domestic demand, offsetting gains from softening global commodity prices.
Stronger services exports are providing some respite for policymakers and raising hopes of a narrowing of the current account deficit, which hit an all-time high in the July-September quarter. Services exports grew 36.9% to $29.2 billion in February.
Earlier this year, Citigroup Inc. The Reserve Bank of India cut its CAD forecast for the current fiscal year ending March to 2.9% of GDP from 3.3% earlier.


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