India’s exports rose 4.82 per cent to $35.45 billion in September, while imports increased by 8.66 per cent to $61.61 billion, according to data from the commerce ministry. The country’s trade deficit widened to $25.71 billion. In its preliminary data, which was released in the first week of this month, the ministry stated that the country’s merchandise exports contracted by 3.52 per cent to $32.62 billion in September.
The trade deficit in September 2021 was $22.47 billion. During April-September 2022, exports recorded a growth of $16.96 billion to $231.88 billion. Imports rose 38.55 per cent to $380.34 billion, while the trade deficit widened to $148.46 billion against $76.25 billion in September 2021, the data showed.
Exports of key sectors such as engineering, RMG (ready-made garments) of all textiles, plastic, cashew and carpet recorded negative growth in September this year. Exports of engineering goods dipped 10.85 per cent to $8.4 billion in September. Similarly, the export of RMG of all textiles declined 18 per cent to $1 billion. Shipments of plastics decreased by 12.2 per cent to $660.66 million.
However, exports of gems and jewellery, petroleum products, leather, pharmaceuticals, chemicals, and rice have recorded positive growth during the month. On the imports front, inbound shipments of oil dipped 5.38 per cent to $15.9 billion. Similarly, gold imports contracted by 24.62 per cent to $3.9 billion.
Coal, coke and briquettes imports rose by 60.82 per cent to $3.5 billion in September. Further, the ministry said that the estimated value of services export for September 2022 is $25.65 billion, an increase of 18.72 per cent over September 2021. Imports also rose 20 per cent to $15.10 billion.
“The estimated value of services export for April-September 2022 is $150.43 billion, exhibiting a positive growth of 27.88 per cent vis-a-vis April-September 2021,” it said.
In August, India’s overall exports (both merchandise and services) rose 6.75 per cent year-on-year to $57.47 billion. The total imports jumped 33.15 per cent to $75.84 billion during the month. The country’s trade deficit widened to $18.37 billion in August 2022.
India’s trade deficit in August 2021 had stood at $3.13 billion. The country’s exports in August 2021 stood at $53.83 billion, while its imports were at $56.96 billion.
“India’s overall exports (merchandise and services combined) in August 2022 are estimated to be $57.47 billion, exhibiting a positive growth of 6.75 per cent over the same period last year. Overall imports in August 2022 are estimated to be $75.84 billion, exhibiting a positive growth of 33.15 per cent over the same period last year,” the commerce and industry ministry said in a statement.
In April-August 2022, India’s overall exports were estimated at $311.82 billion, exhibiting a positive growth of 19.72 per cent over the same period last year. Overall imports in April-August 2022 are estimated at $390.91 billion, exhibiting a positive growth of 43.78 per cent over the same period last year.
(With Inputs From PTI)
Read all the Latest Business News and Breaking News here
Comments
0 comment