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Informist, Friday, Sep 6, 2024

 

--Trade minister Goyal: Global trade concern due to two ongoing wars    

--Trade minister: Would like to encourage our petroleum exports

--Trade minister: Exports fell in July due to low petroleum exports    

 

NEW DELHI – There are concerns over global trade growth on account of the two ongoing wars, Minister of Commerce and Industry Piyush Goyal said today. The global trade contracted 1.2% in 2023 due to geopolitical conflicts, as per the World Trade Organization. 

 

For this year, the World Trade Organization has projected a rebound in global trade, and it is expected to grow by 2.6%.

 

However, Goyal mentioned that global trade remains a concern due to the two ongoing wars.

Goyal was referring to the Russia-Ukraine war that had started in February 2022 and the ongoing conflict in West Asia involving Israel, Palestine, and Iran while speaking on the sidelines of the India-Mediterranean Business Conclave organised by the Confederation of Indian Industry.

India's merchandise exports had fallen over 3% in 2023-24 (Apr-Mar), following the contraction in global trade in 2023. India's merchandise exports registered a decline of 1.5% in July.

 

The exports fell in July due to a drop in petroleum shipments, Goyal said. India's petroleum exports decreased 22.2% in July to $5.23 bln. Going ahead, the government would like to encourage the petroleum exporters and support them, Goyal said.  

 

Besides the petroleum industry, the government would also like to extend its support to the steel sector. "I have invited the steel industry to come and meet me to understand the unfair competition that some of them are facing and take appropriate measures so that the steel industry remains vibrant and continues to grow." This will be a part of the government's regular stakeholder and sectoral consultations, Goyal added.  End

 

US$1 = 83.93 rupees

 

Reported by Krity Ambey

Edited by Manisha Baxla

 

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