India’s exports marginally up at $34.58 bn in Sept; trade deficit 5-month low at $20.78 bn

New Delhi: Snapping the two-month slide, the country's merchandise exports rose marginally by 0.5 per cent to $34.58 billion in September while the trade deficit narrowed to a five-month low at $20.78 billion.

According to official data released on Wednesday, imports increased by 1.6 per cent to $55.36 billion in September compared to $54.49 billion in the year-ago period.

The trade deficit, or the gap between imports and exports, was $20.8 billion during the same month last year. It soared to a 10-month high of $29.65 billion in August.

The outbound shipments had declined by 9.3 per cent in August and 1.2 per cent in July compared to the year-ago months. The last low trade deficit was $19.82 billion in April.

Exports during April-September this fiscal increased by 1 per cent to $213.22 billion, and imports grew by 6.16 per cent to $350.66 billion. The trade deficit during the first half of the fiscal year was $137.44 billion.

Commerce Secretary Sunil Barthwal told reporters here that exports both in September and during the first six months of this fiscal have recorded positive growth despite global uncertainties. The important drivers of exports included engineering, chemicals, plastics, pharma, ready-made garments and electronics.

"We have done well despite global difficulties," Barthwal said. Gold imports edged up to $4.39 billion in September against $4.11 billion in the same month last year. During the first half of the fiscal, it rose by 6.9 per cent to $27 billion.

On the other hand, oil imports in September dipped by 10.44 per cent to $12.53 billion. During April-September 2024, it, however, rose by 5.91 per cent to $88.91 billion.

Silver imports in September jumped to $325.66 million from $106.64 million in the same month last year. In the first half of the fiscal, it has quadrupled to $2.29 billion from $480.65 million in April-September 2023.

During the month under review, cotton raw and waste too has soared to $134.20 million from $40 million in September 2023.

According to the data, the estimated value of service exports during April-September 2024 is $180 billion compared to $163.92 billion in April-September 2023. The imports during this period are $97.39 billion against $88.86 billion in April-September 2023.

On the export front, exports of petroleum products dipped by 26.67 per cent to $4.73 billion, while it declined by 12.48 per cent to $36.53 billion during the first six months of this fiscal.

The other key sectors which were in the negative zone included gems and jewellery, marine products and iron ore.

However, electronic goods shipments rose by 7.89 per cent to $2 billion in September and 19.74 per cent to $15.64 billion during the first half of this

fiscal.