Principle commodities mark positive export growth, but overall exports shrink
Global headwinds and recessionary trends in India’s biggest export destinations have led to the sequential fall in Indian merchandise exports.
The overall gross exports of gems and jewellery declined 14.64 per cent to Rs 25,843.84 crore in October, against Rs 30,274.64 crore in the year-ago period.
The overall gross imports of gems and jewellery showed a drop of 16.82 per cent to Rs 12,181.92 crore in October, against Rs 14,644.87 crore in the corresponding period a year ago, according to Gem and Jewellery Export Promotion Council report that came out recently. The report said the overall gross exports of gems and jewellery grew 7.90 per cent to Rs 1,88,183.89 crore during April-October 2022, against Rs 1,74,406.57 crore in the year-ago period.
The overall gross imports of gems and jewellery rose 15.91 per cent to Rs 1,25,647.09 crore during April-October, against Rs 1,08,403.92 crore in the corresponding period of the previous year.
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Gross Imports of rough diamonds showed a decline of 5.21 per cent to Rs 81,669.65 crore during April-October 2022, against Rs 77,624.99 crore in the year-ago period.
“We had witnessed the usual pre-Diwali buzz as factories in India rushed to complete export orders in time for Thanksgiving and Christmas. The temporary closure of units, and absence of workers during Diwali usually results in a decline in exports post-Diwali,” GJEPC Chairman Vipul Shah said.
The Chairman said, however, the upcoming holiday season in the West and the Chinese New Year will give a boost to exports in November and December.
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