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India’s merchandise exports dip 2.6 pc in Sept to $34.5 bln

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New Delhi: Amid slowdown in major advanced economies, India’s merchandise exports dipped 2.6% year-on-year to $34.47 billion in September 2023 as against $35.39 billion in the same month last year.

Merchandise imports during the same period fell 15% year-on-year to $53.84 billion, according to data released by Ministry of Commerce and Industry on Friday.

The goods or merchandise trade deficit in September this year stood at US$19.37 billion.

Non-petroleum and non-gems & jewellery exports in September 2023 were $24.78 billion, compared to $24.33 billion in September 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in September 2023 were $33.58 billion, compared to $38.25 billion in September 2022.

As per the official data, merchandise exports for the period April-September 2023 were $211.40 billion as against $231.73 billion during April-September 2022 thus recording a decline of 8.77%.

Merchandise imports for the period April-September 2023 were $326.98 billion as against $372.56 billion during April-September 2022.

An official release on trade data said that 12 of the 30 key sectors under merchandise exports exhibited positive growth in September 2023 as compared to same period last year.

“These include iron ore (8054.78%), oil meals (72.66%), ceramic products & glassware (50.49%), cotton yarn/fabs./made-ups, handloom products etc. (27.39%), meat, dairy & poultry products (19.4%), cereal preparations & miscellaneous processed items (17.65%), tobacco (9.18%), drugs & pharmaceuticals (9.01%), oil seeds (8.77%), carpet (7.51%), engineering goods (6.79%) and marine products (4.66%),” the statement said.

India’s overall exports (merchandise and services combined) in September 2023 is estimated to be $ 63.84 billion, exhibiting a negative growth of (-) 1.20%. Overall imports in September 2023 is estimated to be $68.75 billion, exhibiting a negative growth of (-) 13.67% over September 2022.

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