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 deficit shrinks significantly in September 2023

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

Related Stories

Electrical & Electronics
The Sustainable Manufacturing Wave: Saurabh Patawari

The Sustainable Manufacturing Wave: Saurabh Patawari

Advancing energy storage solutions will enable efficient and widespread use of clean energy sources within industrial settings. This will make it easier for manufacturers to transition from conventi..

Read more
Other Industrial Products
Transforming Industrial Production: Khushboo Doshi

Transforming Industrial Production: Khushboo Doshi

The industry is seeing a significant shift toward circular economy principles, with manufacturers developing technologies that support the processing of recycled materials and the production of sust..

Read more
Automation & Robotics
Building for Bharat, scaling for the world: Sabarinath C Nair

Building for Bharat, scaling for the world: Sabarinath C Nair

India’s youth population is one of its greatest strengths. Yet, a gap in skill levels, access to training, and awareness of opportunities has kept this demographic from fulfilling its potential, c..

Read more

Related 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.

Read more

Request a Quote

Stainless Steel Hydraulic Oil Filters

OILS, LUBRICANTS & FILTRATION SYSTEMS

M T B Filter Industries offers a wide range of  stainless steel hydraulic oil filters.


Read more

Request a Quote

Mak Compressor Oils

OILS, LUBRICANTS & FILTRATION SYSTEMS

Interstate Supply Company offers a wide range of MAK compressor oils.

Read more

Request a Quote

Hi There!

Now get regular updates from IPF Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Industrial News on Whatsapp! Enjoy

+91 84228 74016