Home Population Data recap: Exports fall, population tops 8 billion

Data recap: Exports fall, population tops 8 billion

0

Every Friday, Plain Facts publishes a compilation of data-driven insights, along with easy-to-read charts, to help you dig deeper into the stories Mint has reported over the past week. Merchandise exports contracted for the first time in nearly two years in October, while inflation eased on a favorable base. During this time, the world population reached 8 billion.

Headwinds to Trade

India’s merchandise exports contracted on an annual basis for the first time in nearly two years in October due to global headwinds. The decline in exports was 16.7%, the largest drop since May 2020, the month of confinement. Imports continued to grow, but the growth rate was the slowest in nearly two years due to a slowdown in commodity prices. As a result, the country’s trade deficit widened to $26.91 billion.

Show full picture

Chart-1

Inflation Respite

Retail price inflation in India fell to a three-month low of 6.77% in October from 7.41% in September due to the statistical effect of a low base. Inflation for the food and beverage group also fell to a three-month low of 7.04% in October from 8.41% the previous month. However, despite the moderation, inflation is still above the Reserve Bank of India’s upper tolerance limit of 6.0%, which will keep the central bank on guard at December’s committee meeting. Monetary Policy.

Chart-2

Show full picture

Chart-2

Windfall effect

30 % : This is the percentage drop in net profit of India’s top oil and gas producer, Oil and Natural Gas Corporation (ONGC), in Q2FY23 following the government-imposed windfall tax. ONGC’s net profit fell despite its gross billings for crude oil production up 37.7% year-over-year. CGSB chief financial officer Pomila Jaspal said on an investor call that the company was paying 6,400 crore in special additional excise duty during the quarter, PTI reported.

GST increase

Goods and Services Tax (GST) collections remained strong in October at 1.5 trillion, the second highest monthly collection this fiscal year. In addition, the collections arrived above 1.4 trillion for the eighth consecutive month. High inflation may have helped boost collections, but GST catch-up growth this year has exceeded nominal gross domestic product. High imports, which boosted the embedded GST, may also have contributed to good collections, an analysis by howindialives.com showed.

Chart-3

Show full picture

Chart-3

8 billion strong people?

The world’s population reached the 8 billion mark on November 15, according to a United Nations estimate. Also, India could become the most populous country in the world next year, surpassing China. Along with population growth, humanity has also made progress in poverty eradication and health, which has resulted in higher average life expectancy. The world’s population could peak at just over 10 billion by the end of the century, and the world will face new challenges such as climate change.

Chart-5

Show full picture

Chart-5

Technology layoffs

10,000: The number of employees Amazon plans to lay off in its technology and business sectors, starting this week. This represents nearly 3% of the company’s employees and 1% of its global workforce. A slowdown in global growth has prompted such massive layoffs at tech companies. Earlier this month, Facebook’s parent company Meta revealed plans to lay off 11,000 employees. Other companies have announced hiring freezes.

Links between India and the UK

The India-UK Free Trade Agreement (FTA), which aims to double bilateral trade by 2030, is expected to be concluded by March, Mint reported. The trade deal was delayed due to the political and economic crisis in the UK. As negotiations between the two countries continue, newly appointed British Prime Minister Rishi Sunak at the G20 summit said the UK would take its time to hammer out ‘correct’ free trade deals with other countries .

Chart-5

Show full picture

Chart-5

Chart of the week: easy to hack

“bigbasket” is the fourth most used password in India, according to a report by Nordpass. The results also show that Indian internet users continue to use easily hackable password options such as “password” and its variants to secure their online account.

Chart-6

Show full picture

Chart-6

follow us on #MintCharts on our social media handles.

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less