NEW DELHI: The country’s exports dipped by 2.5% in September to $34.5 billion and the trade deficit narrowed to $19.3 billion, official data released on Friday showed.
The data showed imports contracted 15.1% in September to $53.8 billion from $63.4 billion in the year earlier month. The country’s overall exports (merchandise and services combined) in September were estimated at $63.8 billion, exhibiting a contraction of 1.2% compared to September 2022. Overall imports in September were estimated at $68.8 billion, declining 13.7% over September 2022.
The contraction in exports was narrower in September as shipments recovered, prompting commerce secretary Sunil Barthwal to say that “green shoots” were visible against the backdrop of challenging global economic conditions.
He was hopeful that overseas shipments would stage a rebound in the remaining six months of the financial year.
India’s exports have been hurt by the global economic slowdown and WTO estimates show that global trade will grow by a paltry 0.8% in 2023.
The data showed imports contracted 15.1% in September to $53.8 billion from $63.4 billion in the year earlier month. The country’s overall exports (merchandise and services combined) in September were estimated at $63.8 billion, exhibiting a contraction of 1.2% compared to September 2022. Overall imports in September were estimated at $68.8 billion, declining 13.7% over September 2022.
The contraction in exports was narrower in September as shipments recovered, prompting commerce secretary Sunil Barthwal to say that “green shoots” were visible against the backdrop of challenging global economic conditions.
He was hopeful that overseas shipments would stage a rebound in the remaining six months of the financial year.
India’s exports have been hurt by the global economic slowdown and WTO estimates show that global trade will grow by a paltry 0.8% in 2023.