The effect of slowdown started in developed countries, there was a decline in exports in September

Exports declined by 3.52 per cent to $32.62 billion in September this year from $33.81 billion in September last year, while the trade deficit widened to $26.72 billion.

Exports decreased and deficit increased in December

The effect of slowdown in some developed countries of the world international trade But it’s starting to appear. India’s total exports in the month of September have decreased by more than 3 percent as compared to last year. On the other hand, there is an increase in imports, due to which the trade deficit has also increased. According to the commerce ministry, the slowdown in some developed countries has shown a decline in demand, due to which exports from some sectors of the industry have also decreased. However, the overall performance of exports has been better so far in the financial year. Exports during the first 6 months of this financial year are 15 per cent higher than the corresponding period last year.

(See commerce ministry release here)

What is import and export statistics

According to the information given by the ministry, India’s exports declined by 3.52 percent to $ 32.62 billion in September this year as compared to $ 33.81 billion in September last year, while the trade deficit has increased to $ 26.72 billion. According to the ministry, however, the country’s imports increased by 5.44 percent to $59.35 billion in September this year from $56.29 billion in September last year. According to government data, exports grew 15.54 percent to $229.05 billion during April-September in the fiscal year 2022-23. During this period, imports increased by 37.89 percent to $ 378.53 billion. According to the ministry, the trade deficit widened to $149.47 billion in the first half of this fiscal as compared to $76.25 billion in April-September, 2021-22.

How was the sector’s performance?

Engineering goods exports declined to $7.81 billion from $9.41 billion during September. The export of petroleum products has increased from $5.19 billion to $6.08 billion. Gems and jewelery exports increased from $3.23 billion to $3.64 billion. Organic and inorganic chemicals declined from $2.37 billion to $2.33 billion. Medicines exports remained stagnant at $2.05 billion. The export of electronic goods has increased from $1.16 billion to $1.91 billion.