September Sees 23% Increase in Exports, Trade Deficit Reaches $30 Billion
India’s goods trade deficit narrowed to $30.2 billion in September, down from $33 billion a year earlier. Exports surged by 23% to reach $44.4 billion, while imports increased by 8% to $74.6 billion. This trend reflects a cumulative improvement in the trade deficit for goods and services, which stood at $13.3 billion in September, compared to $14.2 billion in the same month last year.
Export Growth Driven by Electronics and Engineering Goods
Data from the commerce department indicates that September marked the second consecutive month of over 20% export growth. Key contributors included electronics, which saw a 70% increase to $5.3 billion, engineering goods, which rose by 21% to over $12 billion, and petroleum products, which grew by 32% to $6.2 billion. Commerce Secretary Rajesh Agarwal noted that exports are maintaining a strong growth trend.
Import Trends and Major Trading Partners
On the import side, gold and fertilizer imports provided some relief, aided by declining global prices. Fertilizer imports fell by 22.2% to $1.8 billion, while gold imports dropped significantly by 81% to $1.8 billion due to high duties. Silver imports also decreased by 49% to $665 million. However, electronic imports surged by 51.5% to nearly $15 billion, and crude oil shipments rose by 31% to $18.3 billion.
Trade with China increased by 29% to $91.8 billion from April to September, making it India’s largest trading partner in the first half of the fiscal year. Exports to China rose by 36% to $11 billion, while imports grew by 27.8% to $80.3 billion.
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