India’s Exports/Imports Plunge By One Quarter
India’s exports of goods shrank by nearly a quarter in September from a year ago, falling for a 10th straight month and threatening Prime Minister Narendra Modi’s goal of boosting economic growth through manufacturing.
India’s economy, Asia’s third largest, is mostly driven by domestic demand, but the country has still felt the effects of China’s slowdown. Exports have dropped and consumer and industrial demand for imports has weakened.
“We see no signs of revival in exports in the near future,” said Ajay Sahai, director general of the Federation of Indian Export Organizations. “We will be lucky if exports could even touch $265 billion to $270 billion for the whole year.”
A Third Of All Containers Shipped From Long Beach Port Are Empty
Shipments of empty containers out of the U.S. are surging this year, highlighting the impact the economic slowdown in China is having on U.S. exporters. In September, the Port of Long Beach handled a near record 197,076 outbound empty boxes. “They accounted for nearly a third of all containers that moved through the port last month. September was the eighth straight month in which empty containers leaving Long Beach outnumbered those loaded with exports.