Get All Access for $5/mo

India's Export Declined By 3.52 Per Cent In September: Ministry Of Commerce Report The report also added that the trade deficit during the first six months of the fiscal has widened to $149.47 billion

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

As per the preliminary data released by the ministry of commerce, India's exports declined by 3.52 per cent to $32.62 billion in September against $33.81 billion in the same month last year. Subsequently, the trade deficit widened to $26.72 billion.

As per the data shown, imports during the month, however, grew by 5.44 per cent to $59.35 billion as against $56.29 billion in September 2021. It also added that the exports during April to September 2022-23 grew by 15.54 per cent to $229.05 billion. Imports during the estimated period increased by 37.89 per cent, to $378.53 billion.

The trade deficit during the first six months of the fiscal has widened to $149.47 billion as against $76.25 billion during April to September 2021-22, added the report.

Meanwhile, the United Nations conference on trade and development (UNCTAD) trade and development report of 2022 stated that India's economic growth is expected to decline to 5.7 per cent in 2022 from 8.2 per cent last year, citing higher financing cost and weaker public expenditures. The report also added that India's GDP will further accelerate to 4.7 per cent growth in 2023.

The report said that, "India experienced an expansion of 8.2 per cent in 2021, the strongest among G20 countries. As supply chain disruptions eased, rising domestic demand turned the current account surplus into a deficit, and growth decelerated."

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Entrepreneurs

Academic Excellence Is Not Necessary for Success in Life: Hear from the Founder of this Exciting New Digital Education Platform.

Many educational platforms are emerging these days to help people qualify for various types of entrance examinations. But what about the students who don't want to take the traditional path, the ones who don't rank among the top 10 in the classroom yet still aim high in life?

Technology

India Needs Homegrown Product Companies In Semiconductor: Cadence Design's India MD

Most multinationals retain product ownership, key value and intellectual property at their headquarters. As a result, India, despite having a vast pool of design talent, lacks significant Indian product companies in the semiconductor industry, says Jaswinder Ahuja, MD, India Cadence Design Systems.

News and Trends

99labels Co-Founder Ishita Swarup Passes Away

Just two years into the business, it raised INR 16 crore from Info Edge and Bikhchandani, but it didn't go well

Growing a Business

3 Branding Strategies That Will Make Any Brand Stand Out

Here's how to differentiate your brand in three essential steps — understanding your unique selling proposition, leveraging storytelling, and valuing feedback.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.