From April-September 2022, India’s merchandise exports stood at $ 231.88 billion, and imports totalled $ 380.34 billion. As per the World Trade Organization, growth in global merchandise trade volume is expected to slip to 1.0 percent this year (slowest since the initial COVID outbreak in 2020) from 3.5 percent in 2022.
Who is pulling down India’s exports? The global merchandise trade environment is looking sombre due to multiple shocks:
The US: Aggressive monetary policy tightening would hit interest-sensitive spending in areas such as housing, motor vehicles and fixed investment.
“Foreign trade agreements (FTAs) have the potential to completely transform the way exports are managed.”, adds Rishabh