Despite contraction in exports, India’s merchandise trade deficit improved in 2023-24, owing to steeper drop in imports. However, the trade deficit with China & Russia widened.
India’s merchandise trade deficit dipped to 12-month low of $17.7 bn in Jan, while services trade surplus rose to record $16.5 bn. Services exports jumped by more than $4 bn in December.
Data reveals that most of rise in imports is on account of 'input goods' or capital goods. Import of electronics, electrical machinery & their parts is up by 37% from last year.
Commerce Secretary B.V.R. Subrahmanyam says country's trade deficit surged in July as elevated commodity prices and depreciating rupee inflated its import bill.
Commerce ministry data shows that in April and May, India’s exports to China declined by 31% while imports grew by 12.75%. Overall trade grew by just 2% compared to previous year.
While RBI move to allow export/import to be invoiced in Indian rupee will solve some problems, there is no guarantee it will circumvent payment issues with Iran or Russia.
Want of electronic chips has upset auto sector. Tomorrow, battery production may be hit by shortage of cobalt or lithium. You can’t protect yourself up & down the full value chain.
Data from China’s General Administration of Customs shows India's exports to Beijing stood at $26.46 billion while its imports from China stood at $103.47 from April 2021 to March 2022.
In Episode 1544 of CutTheClutter, Editor-in-Chief Shekhar Gupta looks at some top economists pointing to the pitfalls of ‘currency nationalism’ with data from 1991 to 2004.
Troops patrolled up to Patrolling Point (PP) 10 on Monday. Though there are PP 10, 11, 12, 12A & 13 in Depsang Plains, it was decided that only one or two PPs would be patrolled.
While we talk much about our military, we don’t put our national wallet where our mouth is. Nobody is saying we should double our defence spending, but current declining trend must be reversed.
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