Trade deficit widens to highest this yr
India’s exports grew 6.74% to $36.38 bn in Sept, while imports rose 4.53% to $375.11 bn
image for illustrative purpose
New Delhi: India’s exports grew 6.74 per cent to $36.38 billion in September, while imports jumped 16.6 per cent, widening the trade deficit to $31.15 billion, the highest in over a year. The increase in inbound shipments of gold, fertiliser and silver has pushed the country’s imports in September to $68.53 billion against $58.74 billion in the same month last year, official data released on Wednesday showed.
Cumulatively, in April-September, exports increased by 3.02 per cent to $220.12 billion, while imports rose 4.53 per cent to $375.11 billion, leaving a trade deficit of $154.99 billion.
Briefing the media on the data, Commerce Secretary Rajesh Agrawal said that despite global economic turbulence, India’s goods and services exports are doing well. When asked about the reason for growth in the shipments, he said the domestic industry has been resilient. “They are maintaining their supply chains and business relations,” he told reporters here. On the impact of the 50 per cent tariff imposed by the US on Indian goods, he said the ministry is looking into commodity-wise data to assess the impact. He added that still 45 per cent of India’s exports to the US are outside the ambit of the high tariffs. The impact will definitely be there on 55 per cent of the products, which are attracting 50 per cent duties by the US.
