Home / Economy / India’s exports decline 3.52% to $32 bn in September

Demand slowdown in developed economies ate into India’s export growth as official numbers released late on Monday showed that India’s merchandise export slipped 3.52% year-on-year to $ 32.62 billion in September.

US and Europe which are among the top destination for Indian exports are battling historically high inflation. Mint had earlier reported that the wait time for berthing of ships at India’s largest and busiest port in Kandla has slipped from 7-9 days to less than a day owing to slowing demand amid geopolitical turmoil.

Trade deficit last month jumped to $26.72 billion compared to $ 22.47 billion in September last year. On a sequential basis, the trade deficit eased from $28.68 billion in August 2022.

India’s merchandise import in September 2022 was $59.35 billion, up 5.44% over $56.29 billion in September 2021.

“Export in certain sectors has seen a decline on account of slowdown in some developed economies and consequential slowdown in demands. Certain measures to contain domestic inflation and domestic food security concerns have also impacted exports," Ministry of Commerce & Industry said.

Value of non-petroleum exports in September 2022 was $26.54 billion, down 7.25% over non-petroleum exports of $ 28.62 billion last year and value of non-petroleum and non-gems and jewellery exports in September 2022 was $ 22.9 billion, declining 9.78% over non-petroleum and non-gems and jewellery exports of USD 25.38 billion last year.

Moderation in global supply chain bottlenecks is visible in the New York Federal Reserve’s Global Supply Chain Pressure Index, which was down to an 18-month low as of 22 August.

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