1 year, 4 months ago
ECONOMIC PERSPECTIVES | On oil’s slippery slope: India’s goods exports struggle to stem decline
The HinduPublished : Jul 27, 2023 11:00 IST - 6 MINS READ At first look, the evidence is worrying. The value of the country’s goods exports in June dropped to an eight-month low of $33 billion, having fallen sharply by 22 per cent year on year. The value of the country’s oil product exports rose from $25.8 billion in the 2020-21 fiscal, which was also the COVID year, to $67.4 billion in 2021-22, up 162 per cent. Overall, increases in oil product exports accounted for 32 per cent of the increase in aggregate exports in 2021-22 and 41 per cent of that increase in 2022-23. Oil product exports in the April-June 2020 grew 162 per cent year on year, and grew at a creditable 109 per cent in April-June 2021.
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