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LATEST NEWS UPDATES | The silver lining in India’s export performance -howindialives

The silver lining in India’s export performance -howindialives

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published Published on Aug 24, 2020   modified Modified on Aug 25, 2020

-Livemint.com/ howindialives.com

The recovery of India’s foreign trade from the pandemic is patchy. But it’s better in exports than in imports

On 15 Aug, standing on the Red Fort ramparts, Prime Minister Narendra Modi reiterated his government’s economic vision of self-sufficiency, adding that India would aim to become the supplier to the world. A day earlier, India had reported its latest trade numbers, and for the second successive month, India’s goods exports were within touching distance of their pre-covid levels. In June 2020, India’s exports trailed their June 2019 numbers by 12%. In July 2020, the gap to July 2019 was 10%.

On the face of it, these are not bad numbers for a segment that tumbled 60% in April and is trying to claw back lost ground. But two caveats are called for. One, India’s exports have had a difficult time in recent years. In 2019-20, the year against which current performance is being benchmarked, India’s exports fell 5%, shows data from India’s central bank.

Two, India has swung to extremes during the pandemic. Data from the Organisation for Economic Co-operation and Development (OECD) on 25 countries for which recent monthly exports numbers are available shows India suffered the second-largest monthly drop in April, the worst month of the pandemic. Subsequently, it was ranked third in monthly increase in May and seventh in June. In other words, India’s exports are recovering, but they are doing so on a low base, and fundamental issues on how to become more competitive globally remain.

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Livemint.com/ howindialives.com, 24 August, 2020, https://www.livemint.com/news/india/the-silver-lining-in-india-s-export-performance-11598251533398.html


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