India’s exports fell 2.6% year-on-year to $34.47 billion in September; Trade deficit at 5-month low of $19.37 billion

India’s exports fell 2.59 percent to $34.47 billion in September from $35.4 billion in September 2022, according to data released by the Commerce Ministry on Friday. Total imports into the country also fell by 15% to $53.84 billion in September 2023 compared to September 2022.

This brought its trade deficit to $19.37 billion in September. Since the beginning of the current financial year, exports have shrunk by 8.77 percent to 211.4 billion US dollars.

In the first half of the current fiscal year, India’s imports fell by 12.23 percent to $326.98 billion.

Meanwhile, Commerce Minister Sunil Barthwal said, “Negotiations on the India-UK free trade agreement are ongoing and we are sorting out the differences.”

Despite an overall decline in exports of commodities, Sunil Barthwal highlighted that there was an increase of 1.86 percent in exports of petroleum, gems and jewelry in September. The increase in exports of petroleum and jewelry is a positive sign for the Indian economy. Despite an increase in exports of petroleum products in September, there was a decline in value due to falling crude oil prices.

India’s trade deficit stood at $24.16 billion in August this year. In September it fell further to $19.37 billion. According to the data, electronic goods, iron ore, medicines and pharmaceuticals, ceramics and oil flour turned out to be the raw materials with the best export performance in the first half of fiscal 2024. On the other hand, gems and jewelry, organic and inorganic chemicals, technical goods and ready-made clothing of all Art failed to impress its foreign consumers, resulting in a decline in exports.

China remained the main importer of goods to India. However, the number of goods imported from China to India has declined significantly.

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