Commerce ministry’s trade data revealed top 10 destinations for India’s imports worth $56.29 billion, include China, Russia, UAE and USA
India’s trade deficit narrowed to the lowest in five months to $20.78 billion in September. According to the data released by the Union commerce ministry on Wednesday, merchandise exports increased marginally to $34.58 billion in September against $34.41 billion a year ago. Merchandise imports went up to $55.36 billion in September from $54.49 billion in the same month in 2023.
The trade deficit stood around $29.65 billion in August, $23.5 billion in July, $20.98 billion in June, $23.78 billion in May, and $19.1 billion in April.
“Engineering goods, a crucial sector, now account for nearly a quarter of all exports,” said commerce secretary Sunil Barthwal. He highlighted the resilience of Indian exports despite challenging time and mentioned growth in organic and inorganic chemicals, plastic, pharmaceuticals, and ready-made garments have helped exports.
“Despite global headwinds, these sectors have driven India’s export growth, positioning the country as a significant player in global trade,” Barthwal added.
India’s services exports increased to $30.61 billion in September from $28.42 billion in the same month last year. In August, services exports stood at $30.69 billion, in July at $28.43 billion, in June at $30.27 billion, in May at $30.16 billion and in April at $29.57 billion.
Services imports surged to $16.32 billion in September from $14.58 billion in the same month last year. Services imports stood at $15.7 billion in August, $14.55 billion in July, $17.29 billion in June, $17.28 billion in May and $16.97 billion in April.
According to the ministry’s data, top 10 destinations for India’s imports worth $56.29 billion of both goods and services include China, Russia, UAE and USA.
As compared to the global average, India’s merchandise growth is much bigger. India’s merchandise growth remained at 5.3 per cent against the global average of 0.1 per cent.