Industry trade

Exports rise 4.82% to $35.45 billion in September; trade deficit widens to $25.71 billion, Retail News, ET Retail

NEW DELHI: The country’s exports rose 4.82% to $35.45 billion in September, even as the trade deficit widened to $25.71 billion, according to data released Friday by the Department of Commerce.

In its preliminary data, which was released in the first week of this month, the ministry said the country’s merchandise exports contracted 3.52 percent to $32.62 billion in September.

According to data released on Friday, imports in the month under review rose 8.66 percent to $61.61 billion. The trade deficit in September 2021 was $22.47 billion.

From April to September 2022, exports recorded a growth of $16.96 billion to reach $231.88 billion. Imports rose 38.55% to $380.34 billion, while the trade deficit widened to $148.46 billion from $76.25 billion in September 2021, the data showed.

Exports of key sectors such as engineering, RMG (ready-to-wear) of all textiles, plastics, cashew nuts and carpeting recorded negative growth in September this year.

Exports of engineering goods fell 10.85% to $8.4 billion in September. Similarly, RMG’s exports of all textiles fell 18% to $1 billion. Plastics shipments decreased 12.2% to $660.66 million.

However, exports of gemstones and jewellery, petroleum products, leather, pharmaceuticals, chemicals and rice recorded positive growth during the month.

On the import front, inbound oil shipments fell 5.38% to $15.9 billion. Similarly, gold imports contracted by 24.62% to $3.9 billion.

Imports of coal, coke and briquettes rose 60.82% to $3.5 billion in September.

In addition, the ministry said the estimated value of services exports for September 2022 was $25.65 billion, an increase of 18.72% from September 2021. Imports also increased by 20% for reach $15.10 billion.

“The estimated value of services exports for April-September 2022 is $150.43 billion, showing a positive growth of 27.88% compared to April-September 2021,” he said.