Global recession causes decline in Kerala’s export earnings

Kochi: Kerala recorded a decline of Rs 119.48 crore in export earnings between April to October in the current financial year. The state earned an income of Rs 20,795.33 crore during this period. The income in the last financial year (2022) during this same time period was Rs 20,914.81 crore.

With this, Kerala’s share in the total exports of the country has decreased. Kerala has a nominal share of 1.03 percent in the country’s exports. Gujarat is the frontliner here with a share of 31.49 percent. Maharashtra is second with 16 percent and Tamil Nadu comes third with 10 percent.

These figures indicate that the global economic recession has severely affected Kerala’s exports. Given the red sea crisis and the current global situation, export earnings are likely to continue to decline in the coming months.

In 2022-23, Kerala earned an income of Rs 35,116.09 crore from exports and Rs 34,158.08 crore in 2021-22. Ernakulam district contributes the most to Kerala’s exports with a revenue of Rs 10,924.16 crore (April-October) last year. Alappuzha recorded exports worth Rs 3,105.19 crore, Thiruvananthapuram Rs 1,222.03 crore and Kozhikode  Rs 608.20 crore.