February 16, 2024
1 min read

India’s exports rise 3% in Jan

The country’s merchandise imports also increased by 3.0 per cent in January 2024 to $54.41 billion but were lower than $58.25 billion in December 2023…reports Asian Lite News

India’s exports rose by 3.1 per cent in January to $36.92 billion compared to $35.8 billion in the same month of the previous year despite the geopolitical crisis in the Red Sea region that has disrupted the global ship movement, data released by the Commerce Ministry on Thursday showed.

The country’s merchandise imports also increased by 3.0 per cent in January 2024 to $54.41 billion but were lower than $58.25 billion in December 2023.

The merchandise trade deficit narrowed to a 9-month low of $17.49 billion which reflected a strengthening of the macroeconomic fundamentals of the country that will help to reduce pressure on the rupee.

The merchandise trade deficit stood at $19.80 billion in December 2023.

The attacks on merchant ships by Houthi rebels around the Red Sea have disrupted trade as shipments now have to be sent through the longer route via the Cape of Good Hope on the southern tip of Africa which has led to increase in transport costs. This has also slowed the overall movement of goods.

Around 80 per cent of India’s goods trade with Europe, estimated at nearly $14 billion a month, normally passes via the Red Sea, according to the government data. These goods now have to traverse around 5,000 additional nautical miles on the longer route via Africa which takes another 15 days or so.

ALSO READ: ‘FII Selling May Intensify on US Inflation Surge’

Previous Story

UiPath to Train 500K Indians in AI

Next Story

UP Invests Big in Religious Tourism

Latest from Business

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics

India Maps 8.52 MT Rare Earth Reserves

The Atomic Minerals Directorate for Exploration and Research (AMD) and the Geological Survey of India (GSI) are actively exploring and augmenting rare earth resources, while the GSI alone has added 482.6 million

‘India’s Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more
Go toTop

Don't Miss

Canadian province sets up office in B’luru to recruit Indian nurses

The recruiting team will meet graduate nurses who have the

India-UK free trade talks covered 11 areas in seventh round

In keeping with the norm so far of alternating locations,