Germany's recession may hit exports from India

WITH THE GERMAN economy contracting for two consecutive quarters, India's exports from sectors such as apparel, footwear and leather goods to the European Union nation are likely to be impacted adversely, according to exporters.

Data released by the Federal Statistical Office on Thursday shows that Germany's gross domestic product (GDP) declined by 0.3% from January to March. This follows a drop of 0.5% in Europe's biggest economy during the last quarter of 2022.

"This is going to affect Indian exports not only to Germany but Europe as a whole, since other countries are also already in recession," Mumbai-based exporter and chairman of Technocraft Industries Sharad Kumar Saraf said.