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.
Business News

Y Combinator Helped Launch Reddit, Airbnb and Dropbox. Here's What I Learned From Its Free Startup School.

The famed startup accelerator offers a free course on building a business — and answers five pressing questions for founders.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Business News

Apple's AI Has a Catch — And It Could Help Boost Sales

Not every iPhone owner will get to use the new Apple Intelligence.