{"id":248485,"date":"2023-06-17T20:25:57","date_gmt":"2023-06-17T14:55:57","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=248485"},"modified":"2023-06-17T20:25:57","modified_gmt":"2023-06-17T14:55:57","slug":"shifting-sands-on-external-trade","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/shifting-sands-on-external-trade\/","title":{"rendered":"Shifting sands \u2013 on external trade"},"content":{"rendered":"\n<p><strong>Source-<\/strong> The post is based on the article \u201cShifting sands\u201d published in \u201cThe Hindu\u201d on 17th June 2023.<\/p>\n<p><strong>Syllabus: <\/strong>GS3- Indian economy<\/p>\n<p><strong>News- <\/strong>The article explains the scenario of trade in recent times.<\/p>\n<h2><strong>What are statistics related to India&#8217;s external trade in recent times?<\/strong><\/h2>\n<p>There was a 10.3% decline in<strong> goods exports<\/strong> in May. It marks the<strong> fourth successive month<\/strong> of contraction in good exports.<\/p>\n<p>Except for electronics<strong> exports<\/strong>, other categories of exported goods did not show good performance.<\/p>\n<p><strong>Engineering goods<\/strong> contracted for the 11th month in a row. The<strong> textiles sector <\/strong>shrank for the seventh straight month.<\/p>\n<p>There was a 30% decline in<strong> petroleum exports<\/strong>. It may largely be due to <strong>cooling global prices <\/strong>that are also affecting other commodities\u2019 export values.<\/p>\n<p>After a 6.7% rise in 2022-23, <strong>goods exports<\/strong> are now down 11.4% over the first two months of this year.<\/p>\n<p>The current estimate of $25.3 billion for May\u2019s <strong>services exports<\/strong> is quite sobering.<\/p>\n<p><strong>Global service exports<\/strong> increased by a mere 0.7% in May. There was a 2<strong>6.7% boom<\/strong> in services exports last year. The <strong>global slowdown<\/strong> now appears to be impacting the services too.<\/p>\n<p><strong>Core imports<\/strong> excluding oil and gems and jewellery have contracted 5.5%\u00a0 in 2023-24.<\/p>\n<p>May<strong> import bill <\/strong>was just 6.6% below 2022 levels and almost 14% over April\u2019s figure which had been the lowest in 15 months. This has lifted the <strong>merchandise trade deficit <\/strong>to a five-month high of $22.1 billion.<\/p>\n<p>It is believed the trend may improve from July or August. The World Trade Organization has upgraded the<strong> global trade growth<\/strong> from 1% to 1.7% for 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source- The post is based on the article \u201cShifting sands\u201d published in \u201cThe Hindu\u201d on 17th June 2023. Syllabus: GS3- Indian economy News- The article explains the scenario of trade in recent times. What are statistics related to India&#8217;s external trade in recent times? There was a 10.3% decline in goods exports in May. It&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/shifting-sands-on-external-trade\/\">Continue reading <span class=\"screen-reader-text\">Shifting sands \u2013 on external trade<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10498],"class_list":["post-248485","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/248485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=248485"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/248485\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=248485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=248485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=248485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}