Schedule a Call Back
India's trade deficit shrinks significantly in September 2023
Industry News- Oct 19,23
The country's goods exports saw a slight decrease of 2.59%, dropping to $34.47 billion from $35.39 billion in September 2022.
India's trade imbalance showed improvement in September due to a sharp decline in imports and a continued decrease in exports, influenced by reduced demand in Western countries and China.
The country's goods exports saw a slight decrease of 2.59%, dropping to $34.47 billion from $35.39 billion in September 2022. In contrast, imports experienced a significant decline of 15%, falling to $53.84 billion compared to $63.37 billion the previous year. Consequently, the trade deficit decreased to $19.37 billion, marking a decrease of more than 30% from $27.98 billion in the same month the previous year, as per data from the commerce ministry.
Aditi Nayar, chief economist at ICRA Ltd, stated, “India's merchandise trade deficit shrank considerably to $19.4 billion in September 2023 from $28 billion in the same month last year, primarily due to a drastic reduction in imports attributed to lower commodity prices." She also mentioned that the smaller-than-anticipated merchandise trade deficit bodes well for the current account deficit (CAD) in the second quarter of the financial year 2024. However, she cautioned that geopolitical tensions causing volatility in crude oil prices remain a risk to the CAD outlook for the second half of the fiscal year 2024.
Source: Mint
India
Trade Deficit
September 2023
Imports
Exports
Aditi Nayar
ICRA
Current Account Deficit
Crude Oil Prices
Related Stories
Auto & Auto Components
Greaves Engineering is steadily increasing exports: Dr Arup Basu
In this interview with Rakesh Rao, Dr Arup Basu, MD, Greaves Cotton Ltd, highlights emerging trends in the Indian manufacturing sector and the company's plans for robust growth with minimum carbon f..
Read moreSmart Manufacturing
How MSMEs will play a key role in the development of Indian manufacturing sector
Setting up a business in India is futuristic, makes a lot of sense, and, for foreign companies, connecting with the Indian MSME and helping it grow is a sure way to success, says R Jayaraman.
Read moreAutomation & Robotics
Hannover Messe 2025: 5,000 firms to showcase production solutions of the future
The focus of Hannover Messe 2025 is on the interaction of robotics, artificial intelligence, drive technologies, sovereign data spaces (Manufacturing X), renewable energies, hydrogen, and a host of ..
Read moreRelated Products
Oil Mist Collector System / Oil Fumes Extraction Systems
OILS, LUBRICANTS & FILTRATION SYSTEMS
Amaricar Engineering & Systems Pvt Ltd offers a wide range of oil mist collector system / oil fumes extraction systems.
Stainless Steel Hydraulic Oil Filters
OILS, LUBRICANTS & FILTRATION SYSTEMS
M T B Filter Industries offers a wide range of stainless steel hydraulic oil filters.
Mak Compressor Oils
OILS, LUBRICANTS & FILTRATION SYSTEMS
Interstate Supply Company offers a wide range of MAK compressor oils.
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
