The Global Economic Downturn Has Begun to Affect India’s Trade

The incipient global recession has begun to affect India. In December, India’s merchandise exports declined 12.2% to $34.5 billion, from a year ago, according to government data released yesterday (Jan. 16). This marked the second contraction in three months, owing to a slowdown in demand. Imports also shrank, albeit at a slower pace of 3.5%, to $58.2 billion.