Hindi English Translation || Editorial || Turning tide: On India’s goods exports

Turning tide: On India’s goods exports

Sliding (अस्थिर, फिसलनेवाला) global demand is hurting manufacturing exports already and 2023 could be rougher

India’s goods exports rebounded (recover, rally, bounce back, pick up, make a recovery, make a comeback (in value of something after decline)) from a nearly 17% dip (डुबोना, गिरावट, उतार) in October to a mild 0.6% uptick (तेजी) in November. While the value of exports recovered to $32 billion from $29.8 billion in October, it is still significantly (considerably, seriously, desperately) below the $39 billion averaged between April and September. Imports growth moderated (कम करना, रोकना) to 5.4% with the value of shipments slipping (fall, sink, drop, go down, decrease) to $55.9 billion — a level last seen in February 2022, which was followed by seven months of import bills of around $60 billion. The merchandise (व्यापार, माल) trade deficit (घाटा, कमी) eased below $25 billion for the first time in five months. The easing (reduction, moderation, lessening, decrease) of some commodities’ prices may help curb (control, moderate, mitigate, reduce, lessen) the import bill and deficit to some extent (degree, level, amount), but this could cut both ways (have both good & bad effects) as the value of some exports that boomed (figuratively “do well”; have a rapid (economic) growth) because of global price trends (मूल्य प्रवृत्ति) earlier, will also decline. A part of the import bill dip was triggered (cause, give rise to, lead to, bring about, generate) by lower non-oil cargo, signalling (संकेत करना, इंगित करना) slowing domestic demand, but non-oil exports’ performance is a greater worry. Their share in exports growth has been shrinking (lessen, reduce, decrease) since June, with the contraction (संकुचन, गिरावट, कमी) accelerating for many sectors from September to November — engineering goods that drove much of India’s record $422 billion goods exports in 2021-22, contracted (decline, decrease, diminish, reduce) 11.3% while textiles fell a steeper 25%.

December’s pending festive orders may still lift (increase, raise) export numbers month-on-month (used to compare data for one month with that in previous months), but the onset (start, beginning, arrival) of 2023 would spell greater pressures for India’s trade story, with key markets heading into a recession (economic decline, slowdown, downturn, depression, slump). Having grown 11.1% in the first eight months of 2022-23, goods exports could still fall 2.3% over the full year, a CARE Ratings (CareEdge Ratings (CARE Ratings Ltd) commenced operations in April 1993 and in almost 3 decades has established itself as one of the leading credit rating agencies in India) research paper cautioned (आगाह करना, सावधान करना) on Tuesday. While the World Trade Organization (विश्व व्यापार संगठन) expects global goods trade to grow just 1% in 2023, CARE reckons (forecast, predict, estimate, calculate, expect) India’s exports may rise a meagre (small, little, paltry, inadequate/deficient) 1.5% in 2023-24. Services exports and remittance (payment, allowance, (money) settlement) inflows (अंतर्वाह, शाखा) may cushion India’s current account deficit (the amount by which money relating to trade, investment etc going out of a country is more than the amount coming in) from the goods trade imbalance (व्यापार असंतुलन) and restrict the economy’s external vulnerabilities (भेद्यता, अतिसंवेदनशीलता), but policy makers need to focus on ensuring a soft landing (the slowdown of something with no serious damage) for factories in export-intensive ((in business) concentrating on a particular thing) sectors that are also massive employers so that the global gloom (निराशा, उदासी) does not hit domestic sentiment (point of view, attitude, opinion). In recent weeks, the Government belatedly (later than expected; behind time; slowly, tardily) scrapped (remove, discard, eliminate, drop) the export duty on steel and iron ore (rocks and minerals from which metallic iron can be economically extracted), that was hurting engineering exports too, and brought them under a tax refund scheme with thus-far excluded sectors like drugs and chemicals. Keeping an eye on market realities to respond deftly (cleverly, proficiently, skillfully) to emerging challenges is vital for Indian exporters to sustain (endure, undergo, experience, go through) through the coming turmoil and perhaps (maybe, possibly), even expand their share in the global trade pie (a whole of something that can be divided into shares). Vietnam, Cambodia, Bangladesh and China saw their share rise even when global trade growth itself slowed in the years before COVID-19. India too, should aspire (desire (to), aim for/to, hope for/to) to emerge stronger from the brewing (developing, looming, impending, fuming, simmering, smouldering (of something bad/unpleasant situation)) storm.

Courtesy: The Hindu

Important Word List With Meaning

1.sliding (adjective)

Hindi Meaning - अस्थिर, फिसलनेवाला
English Meaning - declining, descending, falling, sinking, slipping, going down.

2.dip (noun)

Hindi Meaning - डुबोना, गिरावट, उतार
English Meaning - decrease, decline, reduction, fall, drop, slump.

3.uptick (noun)

Hindi Meaning - तेजी
English Meaning - a small increase or upward trend.

4.moderate (verb)

Hindi Meaning - कम करना, रोकना
English Meaning - lessen, decrease, diminish, lower, reduce, weaken.

5.merchandise (noun)

Hindi Meaning - व्यापार, माल
English Meaning - goods, commodities, produce, product.

6.deficit (noun)

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

7.price trend (noun)

Hindi Meaning - मूल्य प्रवृत्ति
English Meaning - the direction and momentum of the price of a security or other asset.

8.signal (verb)

Hindi Meaning - संकेत करना, इंगित करना
English Meaning - indicate, suggest, signify, denote, reveal.

9.contraction (noun)

Hindi Meaning - संकुचन, गिरावट, कमी
English Meaning - decline, decrease, reduction.

10.caution (verb)

Hindi Meaning - आगाह करना, सावधान करना
English Meaning - warn, recommend, advise against doing something.

11.World Trade Organization (WTO) (noun)

Hindi Meaning - विश्व व्यापार संगठन
English Meaning - an intergovernmental organization that is concerned with the regulation of international trade between nations.

12.inflow (noun)

Hindi Meaning - अंतर्वाह, शाखा
English Meaning - a flow of a large amount of something to a particular place.

13.trade imbalance (noun)

Hindi Meaning - व्यापार असंतुलन
English Meaning - trade deficit.

14.vulnerability (noun)

Hindi Meaning - भेद्यता, अतिसंवेदनशीलता
English Meaning - weakness, defencelessness, unprotectedness, susceptibility.

15.gloom (noun)

Hindi Meaning - निराशा, उदासी
English Meaning - depression, dejection, unhappiness, sadness.

16.turn the tide (phrase)

English Meaning - to change/reverse a situation/trend.

17.tide (noun)

English Meaning - movement; trend, tendency, course of events.

18.rougher comparative adjective of rough (adjective)

English Meaning - uneven, irregular, bumpy, turbulent

19.rebound (verb)

English Meaning - recover, rally, bounce back, pick up, make a recovery, make a comeback (in value of something after decline).

20.significantly (adverb)

English Meaning - considerably, seriously, desperately.

21.slip (verb)

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

22.trade deficit (noun)

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.

23.ease (noun)

English Meaning - reduce, moderate, lessen, decrease.

24.easing (noun)

English Meaning - reduction, moderation, lessening, decrease.

25.curb (verb)

English Meaning - control, moderate, mitigate, reduce, lessen.

26.extent (noun)

English Meaning - degree, level, amount.

27.cut both ways (phrase)

English Meaning - have both good & bad effects.

28.boom (verb)

English Meaning - figuratively “do well”; have a rapid (economic) growth.

29.trigger (verb)

English Meaning - cause, give rise to, lead to, bring about, generate.

30.cargo (noun)

English Meaning - goods, load, consignment.

31.shrink (verb)

English Meaning - lessen, reduce, decrease.

32.contract (verb)

English Meaning - decline, decrease, diminish, reduce.

33.steeper comparative adjective of steep (adjective)

English Meaning - sudden, sharp, rapid.

34.lift (verb)

English Meaning - increase, raise.

35.month-on-month (adjective)

English Meaning - used to compare data for one month with that in previous months.

36.onset (noun)

English Meaning - start, beginning, arrival.

37.spell (verb)

English Meaning - signal, point to, bring about, bring on, result in, lead to, cause.

38.recession (noun)

English Meaning - economic decline, slowdown, downturn, depression, slump.

39.CARE Ratings (noun)

English Meaning - CareEdge Ratings (CARE Ratings Ltd) commenced operations in April 1993 and in almost 3 decades has established itself as one of the leading credit rating agencies in India.

40.(credit) rating agency (CRA) (noun)

English Meaning - a credit rating agency is an entity which assesses the ability and willingness of the issuer company for timely payment of interest and principal on a debt instrument. It provides various credit ratings that help corporates to raise capital for their various requirements and assist the investors to form informed investments decision based on the credit risk and their own risk-return expectations.

41.reckon (verb)

English Meaning - forecast, predict, estimate, calculate, expect.

42.meagre (adjective)

English Meaning - small, little, paltry, inadequate/deficient.

43.remittance (noun)

English Meaning - payment, allowance, (money) settlement.

44.cushion (verb)

English Meaning - protect, buffer, shield, defend.

45.current account deficit (CAD) (noun)

English Meaning - the amount by which money relating to trade, investment etc going out of a country is more than the amount coming in.

46.imbalance (noun)

English Meaning - disparity, variation, variance, disproportion, unevenness, lopsidedness.

47.soft landing (noun)

English Meaning - the slowdown of something with no serious damage.

48.export-intensive (adjective/usually in combination)

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

49.hit (verb)

English Meaning - affect, damage, hurt.

50.sentiment (noun)

English Meaning - point of view, attitude, opinion.

51.belatedly (adverb)

English Meaning - later than expected; behind time; slowly, tardily.

52.scrap (verb)

English Meaning - remove, discard, eliminate, drop.

53.(iron) ore (noun)

English Meaning - rocks and minerals from which metallic iron can be economically extracted.

54.thus far (phrase)

English Meaning - up till now, up to now, until now.

55.keep an eye on (phrase)

English Meaning - oversee, observe, supervise, look after.

56.deftly (adverb)

English Meaning - cleverly, proficiently, skillfully.

57.sustain (verb)

English Meaning - endure, undergo, experience, go through.

58.turmoil (noun)

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

59.perhaps (adverb)

English Meaning - maybe, possibly.

60.pie (noun)

English Meaning - a whole of something that can be divided into shares.

61.aspire (verb)

English Meaning - desire (to), aim for/to, hope for/to.

62.brewing (adjective)

English Meaning - developing, looming, impending, fuming, simmering, smouldering (of something bad/unpleasant situation).

63.storm (noun)

English Meaning - trouble, disturbance, controversy.