(MENAFN- KNN India)
Indian exports shrink by 3.25% in Sept, imports rise by 5.44%
New Delhi, Oct 4 (KNN) As per the preliminary data released by the Ministry of commerce and Industry on October 3, India's exports dropped 3.52 per cent to USD 32.62 billion in September as against USD 33.81 billion in the same month in 2021.
The trade deficit for the month stood at USD 26.73 billion.
India's imports during September grew by 5.44 per cent to Per cent 59.35 billion as against USD 56.29 billion in September last year.
The exports during April-September 2022-23 surged by 15.54 per cent to USD 229.05 billion. Imports during the period increased by 37.89 per cent to USD 378.53 billion. The trade deficit during the first six months of the fiscal has widened to USD 149.47 billion as against USD 76.25 billion during April-September 2021-22.
The services exports are doing very well and on the services front, there is a boost coming from the travel segment as tourism has picked up in a big way, Reserve Bank of India Deputy Governor Michael Patra had said earlier.
Meanwhile, India's economic growth is expected to decline to 5.7 per cent in 2022 from 8.2 per cent last year, a top UN agency projected on Monday, citing higher financing cost and weaker public expenditures.
India's GDP will further decelerate to 4.7 per cent growth in 2023, as per the forecast by the United Nations Conference on Trade and Development (UNCTAD) Trade and Development Report 2022.
“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,' the report said.
Meanwhile, China's economic growth is expected to be 3.9 per cent this year, a decline from 8.1 per cent last year, and a 5.3 per cent growth in 2023. (KNN Bureau)
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