New Delhi: Four of India's top five merchandise exports, in value terms, declined or were flat during the first ten months of the current fiscal year, Mint reported, citing commerce ministry data.

These items include engineering goods, which comprise 25% of all exports in value terms, petroleum products (19%), gems and jewellery (8%), and chemicals (6%), the business daily reported.

The total export value of engineering goods remained flat at $88 billion during the April-January period compared with the year-ago period, the report said.

During the first 10 months of the fiscal year, the total export value of petroleum products decreased to $67.11 billion, compared to $75.65 billion in the same period of the previous year, it said.

The newspaper attributed this fall to the global economic slowdown, a rise in domestic consumption, and shrinking discounts on Russian oil.

Gems and jewellery exports declined to $26.89 billion during the first 10 months from $31.61 billion in the year-ago period, it added.

Export of chemicals, both organic and inorganic, in value terms, fell to $22.64 billion during the April-January of FY24, down 11.7% from the year-ago period, it said.

Mint reported that India's export values across all commodities declined to $351 billion during April-January from $366 billion a year ago. This decline reflects the impact of the global economic slowdown and tightening of interest rates in Western countries.

Challenges such as geopolitical tensions in Ukraine and West Asia, along with trade route disruptions in the Red Sea region, have worsened the situation by driving up oil prices and transportation costs, thereby negatively impacting India's exports, the report said.

The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.