Trade challenges in 2023: India relatively steady amid global slowdown

In India, the export and import figures have been trending downwards mainly due to fall in commodity prices and freight rates compared to the previous year

The global trade and economy brought two surprises this year–the slowdown in the Chinese economy, and the resilience of Europe and the United States (US). In turn, India’s trade figures were also quite unflattering.
 

When China, the second largest economy in the world, ended its Covid induced lockdown restrictions earlier this year, the widespread expectation was that its economy and exports would boom again. As it turned out, the growth of the Chinese economy was rather tepid and its exports also didn’t pick up as expected. That had its effect on many smaller economies in East Asia whose fate is