Commerce and industry minister Piyush Goyal is likely to meet export promotion councils on Friday to discuss the country’s export performance, targets and various trade agreements India is currently negotiating.
The meeting comes in the wake of India’s exports dipping in July, the trade deficit touching a record high, and exporters raising concerns at the global slowdown impacting India’s outbound shipments in the next two quarters.
“It is a broader meeting to discuss free trade agreements, new products and markets and the overall trade scenario,” said an official, adding that the ministry takes inputs from the industry regularly.
India’s exports shrank by 0.76% on-year to $35.24 billion in July after 16 months, but the sequential contraction was sharper at 12.18% from June. The trade deficit was an all-time high of $31 billion in the month and more-than-doubled to over $100 billion from $42.1 billion a year ago in the first four months of FY23.
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