Share of Asian countries in India’s exports is falling, Europe’s is rising. Why this is worrying

News Snapshot:

Exports have been impacted due to falling commodity prices and subdued global demand. In the first five months (April-August) of the current financial year, exports have contracted by 11.9 percent. This is in contrast to more than 19 percent growth in the same period last year. The recent resurgence in crude oil prices due to production cuts by Russia and Saudi Arabia has contributed to a sharp sequential increase in imports. Elevated oil prices could escalate the pressure on trade and current account deficit in the coming months. Every 10 dollar rise in crude oil prices is seen to widen...