Mumbai: Electronics exports from India hit a 13-month low in September. Electronics exports declined 3.7% from a year ago. This is a contraction for the first time in 31 months.
India exported electronic goods valued at $1.9 billion during September. This is down from $2 billion a year ago. Meanwhile, imports of electronics surged by 13.3% to reach $8.1 billion. The trade deficit touched an 18-month high of $6.1 billion.
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In FY23, electronics goods exports emerged as a standout performer for India’s export basket, totalling $25.3 billion, up 49% over FY22. In 2022-23, the electronic goods sector climbed to the sixth position among all goods export categories, surpassing ready-made garments for the first time. Besides, it secured the fourth spot in manufacturing goods segment.
Between April and September, electronics exports grew 28% from a year ago, while imports rose 9%. In August, exports increased 27%.
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