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Export-import trade growth slips
Why is it in the news ?
- According to Maersk India Trade Report, India’s containerised trade growth in Q2 2019 slowed to 1% from 9% over the same period last year.
More in the news
- Factors responsible for the slip:
(a) Slowing trade growth, and growing trade tensions.
(b) Domestic factors like rural consumer distress.
(c) Tightening liquidity and a slowdown in key manufacturing sectors.
- Combined, these triggers impacted India’s economic activity, slowing overall import-export growth.
- As per the report, west India delivered the highest growth with imports growing at 4% and exports at 11%.
- India’s exports to China declined by 20%, led by a reduction in demand for India-made textiles and apparel.
- Imports from China contracted more, by 22%.
- Exports to Saudi Arabia have grown by 74% with vegetables and tiles, stone and glass exports from India.
Source
The Hindu.