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
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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."
