Slowdown in Germany may affect exports of some sectors of India: CII
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Germany, the world’s fourth largest economy, is facing a recession. Its gross domestic product (GDP) is set to fall further by 0.3 percent in the first quarter of 2023, after a decline of 0.5 percent in the fourth quarter of 2022.
New Delhi. The economic slowdown in Germany is likely to affect India’s exports to the European Union (EU) in sectors such as chemicals, machinery, apparel and electronics. Sanjay Budhia, chairman of the Committee on Export-Import (Exim) of the Confederation of Indian Industry (CII), has said this. He also said that though it is too early to know the impact of the economic slowdown in Germany on Indian exports. Germany, the world’s fourth largest economy, is facing a recession. Its gross domestic product (GDP) is set to fall further by 0.3 percent in the first quarter of 2023, after a decline of 0.5 percent in the fourth quarter of 2022.
Budhia told PTI, “The share of Germany in India’s total exports in the year 2022 was 4.4 per cent. India mainly exported organic chemicals, machinery, electronics, apparel, footwear, iron and steel as well as leather goods. “While it is too early to assess the impact of the slowdown in Germany on India, the above sectors will be most affected,” he said, adding that the entire EU is facing rising energy prices, which has led to two consecutive quarters of rising energy prices in Germany. The recession remains.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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