New Delhi: The Indian goods exports have shrunk 12.7% on year in the first month, April, of the financial year 2024.
Goods exports for April were at $34.66 billion, according to Economic Times.
Recently, it was reported by various publications that the government is considering a target of $900 billion in goods and services exports in 2023-24. India’s overall exports grew 14% in 2022-23 over the previous year.
The ET report says that the drop in goods exports was prompted by sluggish demand and recession in major markets.
This is the third month in which goods exports have declined.
“Trade deficit fell to a 20-month low at $15.2 billion in April against $18.36 billion a year ago as cooling commodity prices, especially of petroleum, led to a sharp 14% contraction in imports,” the report said.