India’s merchandise trade deficit stood at $19.37 billion, data showed on Friday. In September 2022, India’s trade deficit was $26.72 billion while in August, the gap had expanded to a 10-month high of $24.16 billion.
Economists had expected the country’s September trade deficit to be $23.25 billion, according to a Reuters poll.
India’s merchandise exports in September slowed 2.6 per cent on an annual basis to $34.47 billion while imports slowed a little over 15 per cent to $53.84 billion.
India’s trade deficit had expanded to a ten-month high in August on higher oil prices and resilient domestic demand. The government revised its August exports to $38.45 billion from $34.48 billion, while imports figures were revised to $60.1 billion from $58.64 billion.
“Export green shoots are getting confirmed, we expect growth in the next six months,” said Commerce Secretary Sunil Barthwal. “We’re doing well despite global challenges. Engineering goods, marine, electronics, ceramic, drugs exports are doing well,” he said.
Services exports in September were $29.37 billion, while imports were $14.91 billion. In August, services exports were $26.39 billion and imports were $13.86 billion.
During April-September this fiscal, exports contracted by 8.77 per cent to USD 211.4 billion.
Imports during the six-month period fell by 12.23 per cent to USD 326.98 billion.
“Negotiations for the India-UK FTA (free trade agreement) are going on and we are ironing out the differences,” Barthwal said.
