: India may witness exports recovery from second half of FY24: Report #FinanceIndia #StockMarketNEWS India may witness exports recovery from second half of FY24: Report New Delhi, Mar 22 (KNN) Despite

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India may witness exports recovery from second half of FY24: Report #FinanceIndia #StockMarketNEWS
India may witness exports recovery from second half of FY24: Report New Delhi, Mar 22 (KNN) Despite a modest recession in the US and Europe, India’s exports is likely to recover by the second half of FY24, said Fitch Ratings.

“We are sort of nearing that inflection point. In the second half of the year, we should see exports gradually begin to recover from where they are at the moment,” Jeremy Zook, Director at Asia Sovereign Ratings, at Fitch told Moneycontrol in an interview.

India is also looking to integrate itself more deeply into global supply chains. Weve seen initial signs of that. As India continues to develop itself in the global supply chain that will help support Indian exports, said Zook.

India’s merchandise exports continued to contract in February by over 8 percent, leading to a fiscal deficit of USD S17.43 billion, as per the trade data released by the Commerce and Industry Ministry.

Merchandise exports fell 6.6 percent in January with a fiscal deficit of USD 17.75 billion and 3.1 percent in December.

“We are expecting a modest recession in Europe and the US but, by the second half of the year, the worst of it will start to fade and we should be on a path of recovery when it comes to exports. But there will be a very gradual recovery in exports,” he said.

Exports have come down quite a bit, driven by global demand factors, and will continue to be driven by these broader macro trends, Zook said. (KNN Bureau)