Hindi English Translation || Editorial || Trade tumult: On shrinking exports

Trade tumult: On shrinking exports

Shrinking (सिकुड़न, घटता हुआ) exports with high deficits (कमी, घाटा) call for a policy reboot (फिर शुरु करना)

For the first time since February 2021, India’s goods exports shrank this October, dropping (decrease, lessen, make less, reduce) 16.7% from last year (and 16% from September 2022) to slip (fall, sink, drop, go down, decrease) below $30 billion after a 20-month-streak (period, time, spell, stretch) above that mark (निशान, बिंदु). Most sectors were hit (affect badly) hard: engineering goods, pharmaceuticals and chemicals and employment-intensive ((in business) concentrating on a particular thing) gems and jewellery, textiles and handlooms. Just six sectors recorded an uptick (a small increase or upward trend), with electronics goods being the only manufacturing segment (sector). Imports grew 5.7% year-on-year (साल दर साल), expanding the country’s trade deficit (व्यापार घाटा) over 50% to $26.9 billion. This is the fourth straight month of a $25 billion-plus goods trade deficit that hit a record $30 billion in July. To be sure (सुनिश्चित होना, निश्चित रूप से), imports have now been moderating (संतुलित, घटाना) sequentially (क्रमिक रूप से) for four straight months and dropped 7.3% from September to an eight-month low of $56.7 billion. But a marginal (small, little, minimal) dip (decrease, reduction, fall/drop, slump) in petroleum imports, along with (साथ में, साथ ही) a 10.3% shrinking of non-oil, non-gold imports from September, can also be construed (interpret, understand, read) as a sign of slackening (moderating, reducing, diminishing, lessening) domestic demand. India’s trade deficit so far (अब तक, इस समय तक) this year is now over $175 billion, from $94.2 billion a year ago. With high energy prices likely to escalate (बढ़ाना, वृद्धि, गति) with winter’s onset (start, beginning, arrival), a significant easing (reduction, moderation, lessening, decrease) in deficit levels is not on the horizon (coming, forthcoming, about to happen) yet.

While the Government acknowledged (स्वीकार करना, पहचाना) forecasts (भविष्यवाणी, पूर्वानुमान) of a slump (गिरावट, मंदी) in global shipments growth to just 1% in 2023, it attributed (ascribe, connect with, associate with; hold responsible for) the October trade blip (a small/very short & temporary deviation (from normality/trend)) to a seasonal Deepavali effect — production dips as workers go on leave and imports rise with festive demand. Though the pre-Deepavali and Deepavali month exports did have a $5 billion gap in 2021, this was not the case in pre-COVID 2019. Officials conveyed there is no need to be ‘overly (excessively, exceedingly) depressed (unhappy, sad, dejected)’ as India has a very low share of global trade which can only grow. But that growth will not accrue (to receive something gradually over a period of time; accumulate, gather, build up, be added) automatically — in a shrinking buyer’s market, rivals (competitor) such as Vietnam cannot be expected to simply wait out (wait until a specific thing (unpleasant event/period) is over) the slump. In contrast (in opposition to, be very different from), a new Foreign Trade Policy (Foreign Trade Policy is a set of guidelines and instructions established by the Directorate General of Foreign Trade (DGFT) in matters related to the import and export of goods in India. The Government of India, Ministry of Commerce and Industry announces Export Import Policy every five years) to replace the current policy from 2015, was recently deferred (postpone, put off, delay, put back, hold off) yet again till April 2023 for reasons that included waiting out the current global turmoil (disorder, turbulence, confusion, trouble, chaos). If anything (contrarily, again, conversely; on the contrary even; on the contrary; If at all), the tumult (disorder, turmoil, disarray, disturbance, chaos, havoc, trouble) in trade flows will be much worse by then. Policymakers must stop dithering (be indecisive, be unsure, be undecided, hesitate) and be more pro-active (aggressive, intense, passionate) in recalibrating (reevaluate, reassess, revamp) their stance (point of view, approach, standpoint) — for instance (as an example), the steel export duty amid (in the middle of, surrounded by; during) lower global prices has triggered (cause, give rise to, lead to, bring about, generate) higher imports, while exports, including those of engineering goods, have collapsed. The Finance Ministry recently identified external pressures as a key challenge — with a depreciating (decreasing, declining, dropping/losing value) rupee making imports pricier and slowing global demand hurting exports. More actions are needed to match these concerns; waiting and watching is not an option.

Courtesy: The Hindu

Important Word List With Meaning

1.shrinking (adjective)

Hindi Meaning - सिकुड़न, घटता हुआ
English Meaning - diminishing, lessening, dwindling.

2.deficit (noun)

Hindi Meaning - कमी, घाटा
English Meaning - deficiency, shortage, slippage.

3.reboot (noun)

Hindi Meaning - फिर शुरु करना
English Meaning - restarting, reintroduction, restoration.

4.mark (noun)

Hindi Meaning - निशान, बिंदु
English Meaning - level, stage, point.

5.year-on-year (adjective)

Hindi Meaning - साल दर साल
English Meaning - year over year (for comparison).

6.trade deficit (noun)

Hindi Meaning - व्यापार घाटा
English Meaning - a trade deficit (a deficit in the balance of trade) occurs when the value of a country’s imports exceeds that of its exports. It is also called a trade gap.

7.to be sure (phrase)

Hindi Meaning - सुनिश्चित होना, निश्चित रूप से
English Meaning - certainly.

8.moderate (verb)

Hindi Meaning - संतुलित, घटाना
English Meaning - lessen, decrease, diminish.

9.sequentially (adverb)

Hindi Meaning - क्रमिक रूप से
English Meaning - in succession, successively, continuously.

10.along with (phrase)

Hindi Meaning - साथ में, साथ ही
English Meaning - as well as.

11.so far (phrase)

Hindi Meaning - अब तक, इस समय तक
English Meaning - until now, up to the present, up to this point.

12.escalate (verb)

Hindi Meaning - बढ़ाना, वृद्धि, गति
English Meaning - increase, rise, accelerate.

13.acknowledge (verb)

Hindi Meaning - स्वीकार करना, पहचाना
English Meaning - accept, recognize, realize.

14.forecast (noun)

Hindi Meaning - भविष्यवाणी, पूर्वानुमान
English Meaning - prediction, indication, projection, prognosis, speculation, calculation (of future events or trends).

15.slump (noun)

Hindi Meaning - गिरावट, मंदी
English Meaning - decrease, reduction, drop.

16.tumult (noun)

English Meaning - disorder, turmoil, disarray, disturbance, chaos, havoc, trouble.

17.call for (phrasal verb)

English Meaning - require, publicly ask/necessitate, demand.

18.shrank past of shrink (verb)

English Meaning - lessen, reduce, decrease.

19.drop (verb)

English Meaning - decrease, lessen, make less, reduce.

20.slip (verb)

English Meaning - fall, sink, drop, go down, decrease.

21.streak (noun)

English Meaning - period, time, spell, stretch.

22.hit (verb)

English Meaning - affect badly.

23.intensive (adjective/usually in combination)

English Meaning - (in business) concentrating on a particular thing.

24.uptick (noun)

English Meaning - a small increase or upward trend.

25.segment (noun)

English Meaning - sector.

26.hit (verb)

English Meaning - reach a particular level.

27.marginal (adjective)

English Meaning - small, little, minimal.

28.dip (noun)

English Meaning - decrease, reduction, fall/drop, slump.

29.construe (verb)

English Meaning - interpret, understand, read.

30.slackening (adjective)

English Meaning - moderating, reducing, diminishing, lessening.

31.onset (noun)

English Meaning - start, beginning, arrival.

32.easing (noun)

English Meaning - reduction, moderation, lessening, decrease.

33.on the horizon (phrase)

English Meaning - coming, forthcoming, about to happen.

34.attribute (verb)

English Meaning - ascribe, connect with, associate with; hold responsible for.

35.blip (noun)

English Meaning - a small/very short & temporary deviation (from normality/trend).

36.overly (adverb)

English Meaning - excessively, exceedingly.

37.depressed (adjective)

English Meaning - unhappy, sad, dejected.

38.accrue (verb)

English Meaning - to receive something gradually over a period of time; accumulate, gather, build up, be added.

39.rival (noun)

English Meaning - competitor.

40.wait out (verb)

English Meaning - wait until a specific thing (unpleasant event/period) is over.

41.in contrast (to) (phrase)

English Meaning - in opposition to, be very different from.

42.Foreign Trade Policy (noun)

English Meaning - Foreign Trade Policy is a set of guidelines and instructions established by the Directorate General of Foreign Trade (DGFT) in matters related to the import and export of goods in India. The Government of India, Ministry of Commerce and Industry announces Export Import Policy every five years.

43.defer (verb)

English Meaning - postpone, put off, delay, put back, hold off.

44.turmoil (noun)

English Meaning - disorder, turbulence, confusion, trouble, chaos.

45.if anything (phrase)

English Meaning - contrarily, again, conversely; on the contrary even; on the contrary; If at all.

46.dither (verb)

English Meaning - be indecisive, be unsure, be undecided, hesitate.

47.pro-active (adjective)

English Meaning - aggressive, intense, passionate.

48.recalibrate (verb)

English Meaning - reevaluate, reassess, revamp.