IGI Logo

The commerce ministry in its latest data has said that India’s merchandise exports contracted by 2.6 per cent to $34.47 billion in September 2023 as compared to $35.39 Billion in September 2022. Easing commodity prices helped in cutting down the country's import bill by 15 per cent to $53.84 billion in September 2023 as compared to $63.37 Billion in September 2022, the 10th consecutive month of decline. The trade deficit (difference between imports and exports) narrowed to $19.37 billion during the month under review. 

According to the data, merchandise exports for the period April-September 2023 were $211.40 billion as against $231.73 billion during April-September 2022. Merchandise imports for the period April-September 2023 were $326.98 billion as against $372.56 billion during April-September 2022. The merchandise trade deficit for April-September 2023 was estimated at $115.58 billion as against $140.83 billion during April-September 2022. 

It further stated that non-petroleum and non-gems & jewellery exports in September 2023 were $24.78 billion, compared to $24.33 billion in September 2022. Non-petroleum and non-gems & jewellery exports during April-September 2023 were $153.89 billion, as compared to $160.25 billion in April-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. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $209.65 billion in April-September 2023 as compared to $224.89 billion in April-September 2022.