India’s shipment recovery faces difficulties due to softening demand in strong nations
Date
11/26/2024 4:34:42 AM
(MENAFN) India's shipment recovery could experience difficulties because of softening need in advanced markets, the Ministry of Finance said in its monthly statement on Monday.
Merchandise shipments registered reasonable development throughout the initial seven months of 2024-25, attributed to weak external need and a decrease in global commodity prices.
On the other hand, merchandise imports performed good, driven by robust domestic demand. A higher surge in imports compared to shipments caused a broadening trade deficit.
The trade deficit, which is the difference between exports and imports, extended from USD 60.02 billion to USD 63.24 billion so far in 2024-25, shaping a surge of 5.36 percent.
Throughout April-October 2024, India's overall shipments stood at nearly USD468.27 billion, indicating a yearly rise of 7.28 percent. The government stays positive about hitting its full-year shipment goal of USD800 billion.
"After a brief moderation during the monsoon months, economic activity picked up in October. Demand continues to grow steadily, as indicated by improving FMCG sales volumes in Q2 FY25 across both urban and rural areas," the finance ministry stated.
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