Slowdown in growth coupled with demand contraction across the globe has led to fall in exportsOverall, June exports (both goods and services) along with Q1, 2023-24 exports have seen decline on the back of slowdown in growth coupled with demand contraction across the globe, said Dr A Sakthivel, President, FIEO. Major economies including US and China have shown downward trend in exports, along with the Eurozone slipping into recession during the start of the year itself, marking contraction in their GDP or a slow start to their economy in most of the economies of Europe including UK, added Dr Sakthivel. The slowdown comes in wake of higher energy prices contributing to curbing demand in Europe’s largest economy and surging inflation, said Dr Sakthivel. One of the reasons for moderating pace of growth in merchandise exports significantly in 2023 has been because of persistent geopolitical tensions, disruption in global supply chain due to Russia-Ukraine war, monetary tightening and recessionary fears, which has continuously led to a fall in consumer spendings across the globe especially in advanced economies, reiterated FIEO President.