Commerce Minister to Meet Traders as Exports Dip

Since the nation's export shipments have been declining for the past four months, the commerce ministry has convened a conference of exporters for Monday to assess the situation.

Exporters are expected to raise concerns about things like providing more support for participation in international exhibitions and fairs, moving forward with free trade agreements with the UK, Canada, Israel, and the GCC (Gulf Cooperation Council), and allowing double-weighted salary deductions for professionals in the industry to keep talent in India.

As per the export import data, exports fell 10.3% year over year for the fourth consecutive month in May to reach $34.98 billion, while the trade deficit increased to a five-month high of $22.12 billion. In total, exports fell by 11.41% to $69.72 billion in April and May of current fiscal year, while imports fell by 10.24% to $107 billion.

In total, exports fell by 11.41% to $69.72 billion in April and May of current fiscal year, while imports fell by 10.24% to $107 billion.The country's exports are being impacted by the slowdown in demand in important markets, increasing inflation in developed economies, and the war in Russia and Ukraine.

The chairman of the Apparel Export Promotion Council (AEPC), Naren Goenka, stated that the government should take more export-boosting measures, such as supporting participation in international trade shows.