Mumbai: Merchandise exports from India reported a fall of 2.6% year on year in last month. India’s merchandise exports contracted to $34.47 billion in September. India’s merchandise imports contracted by 15% to $53.84 billion in September 2023.
Trade deficit of the country touched a 5-month low of $19.37 billion in September. This is a year-on-year fall of over 30% from $ 27.98 billion recorded in the same period last year. Trade deficit is the difference between imports and exports.
Also Read: India’s electronics exports hit 13-month low in September
For the first half of 2023-24, exports were down 8.7% YoY, while imports were lower by 12.2%. Non-petroleum and non-gems & jewellery merchandise exports recorded an increase of 1.86%. Services exports stood at $29.37 billion. Services imports fall from $16.27 billion in September last year to $14.91 billion this year.
At least 11 principal commodities have shown positive growth in export volumes in the first half of the current fiscal. Petroleum products have been up 22% followed by marine products, which are up 19%. Other sectors, which have seen rising exports include rubber, dye intermediaries, leather footwear components, print, varnish and allied products, drugs and drug intermediaries along with inorganic chemicals.
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