Exports up 4.82% to $35.45 bn in Sep but trade gap widens

BENGALURU: The country’s exports rose by 4.82 per cent to $35.45 billion in September, even as the trade deficit widened to $25.71 billion, according to the data released by the commerce ministry on Friday.

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

According to the data released on Friday, imports during the month under review increased by 8.66 per cent to $61.61 billion. The trade deficit in September 2021 was $22.47 billion.

During April-September 2022, exports recorded a growth of $16.96 billion to $231.88 billion. Imports rose by 38.55 per cent to $380.34 billion, while the trade deficit widened to $148.46 billion against $ 76.25 billion in September 2021, the data showed. Exports of key sectors such as engineering, RMG (ready-made garments) of all textiles, plastic, cashew and carpet recorded negative growth in September this year.

Exports of engineering goods dipped by 10.85 per cent to $8.4 billion in September. Similarly, the export of RMG of all textiles declined by 18 per cent to $1 billion. Shipments of plastics decreased by 12.2 per cent to $660.66 million. However, exports of gems and jewellery, petroleum products, leather, pharmaceuticals, chemicals, and rice have recorded positive growth during the month.

At imports front, inbound shipments of oil dipped by 5.38 per cent to $15.9 billion. Similarly, gold imports contracted by 24.62 per cent to $3.9 billion Coal, coke and briquettes imports rose by 60.82 per cent to $3.5 billion in September.

Further, the ministry said that the estimated value of services export for September 2022 is $25.65 billion, an increase of 18.72 per cent over September 2021. Imports too rose by 20 per cent to $15.10 billion.

The estimated value of services export for April-Sept 2022 is $150.43 bn, exhibiting a positive growth of 27.88 per cent vis-a-vis April-September 2021