India's goods exports may see a marginal impact from Germany recession

But exports may contract in FY24 due to worsening external situation in FY24

India’s goods exports may see a marginal impact from a recession in Germany but the merchandise outbound shipment was anyway expected to slow down in 2023-24.

The impact will be large if recession in Germany spreads to other countries in the Eurozone, but experts believe there won’t be a significant drop in EU’s GDP.

Germany — the largest economy in Europe and the fourth largest in the world — slipped into recession after it witnessed a dip in the first quarter of 2023. Germany’s gross domestic product (GDP) was down 0.3 per cent in the first quarter of 2023 against