Recent numbers show FY24 doesn't bode well for India's merchandise exports

No reversal seen in the recent contraction or growth deceleration, with WTO projecting goods trade growth by volume to slow to 1.7% in calendar year 2023 from 2.7% in 2022

India has much to worry about as far as the outlook of its merchandise exports for the financial year 2023-24 is concerned. The contraction in exports in recent months or at least deceleration of growth (value-wise in dollars) for the whole of FY23 may not reverse as the World Trade Organization has projected goods trade growth to slow to 1.7 per cent by volume in calendar year 2023, from 2.7 per cent in 2022.

Though up from one per cent estimated earlier, the growth would nonetheless be lower in 2023 than in 2022.

WTO says imports by two of India's