India's exports fell by 3.52% to $32.62 billion in September

4 Oct 2022 , 09:23 AM

In September, India’s merchandise exports decreased 3.5% as a result of a decline in demand for Indian goods brought on by recession fears in advanced nations.

Exports decreased from $33.8 billion in September of last year to $33.6 billion in September, according to data issued by the trade ministry on Monday. Import growth slowed significantly in September, rising only 5.4% to $59.3 billion, creating a $22.7 billion trade imbalance.

While non-petroleum imports increased 10.7% to $43.75 billion in September, non-petroleum exports fell 7.25 % to $26.5 billion. India’s merchandise exports increased by 15.5% to $229 billion in the first six months of the fiscal year FY23, while imports increased by 37.9% to $378.5 billion, creating a $149.5 billion trade imbalance.

While the export of petroleum products, gems and jewelry, electronic goods, and marine items climbed during the month of September, the export of engineering goods, organic and inorganic chemicals, medicines, ready-made clothing, cotton yarn, and rice decreased.

Similar to the previous month, imports of machinery, transport equipment, coal, iron, and steel decreased while imports of petroleum products, electronic goods, gold, precious stones, and vegetable oil climbed.

For feedback and suggestions, write to us at [e-mail]