India’s merchandise export falls 3.5 per cent in September due to global slowdown

NEW DELHI: India’s merchandise exports in the month of September declined by 3.52% to USD 32.62 billion on a year-on-year (YoY) basis due to slowdown in some developed economies, commerce ministry said on Tuesday.  However, the country’s merchandise export in April-September 2022-23 was at USD 229.05 billion, an increase of 15.54% over USD 198.25 billion in April-September 2021-22.

Value of non-petroleum exports in September 2022 stood at USD 26.54 billion, registering a negative growth of only 7.25% over non-petroleum exports of USD 28.62 billion in September 2021. However, due to post-Covid economic recovery, overall exports in April -September 2022-23 stood at USD 229.05 billion, 15.54% more than what was registered in last year.

In addition, India’s merchandise import registered an on-year increase of 5.44% in September to USD 59.35 billion. Merchandise imports in the first half of the calendar year was at USD 378.53 billion, up 37.89% on-year-on basis.

The trade deficit in September 2022 was USD 26.72 billion, while it was USD149.47 billion during April -September 2022-23. However, the trade deficit in September 2022 was an improvement over trade deficit of USD 28.68 billion in August 2022, the ministry said. It is to be noted that the trade deficit was USD 149.47 billion during April-September 2022-23, as against USD 76.25 billion during the same period of previous year.