Dip in exports, remittances offsets gains of low imports

The fiscal year 2023 was not very different from the previous many years as the external account recorded a dismal performance owing to increased debt repayment, dwindling reserves and falling exports. The government’s only solace lay in its success in curtailing the import bill but decreased exports and poor remittance collection significantly offset any gains on that front, according to the Economic Survey 2022-23 released on Thursday. Exports fell by 9.8 per cent during Jul-Mar FY2023 to $21 billion. The quantum in the corresponding period last year was $23.3bn. Textiles recorded the greatest fall of 12.4pc, from $14.2bn in FY22 to $12.47bn in the current fiscal year till March. The export of cotton yarn dipped by 37pc from $908m to $573m. The overall export of food items dropped by 3.4pc, from $3.94 to $3.81bn. The exports of fruits saw the steepest decline with 42.6 pc; from $394.5m to $226.4m. Similarly, the exports of rice fell by 10.9pc, vegetables by 5.5p and species by 12.4pc.