India's trade deficit widens to record $22.6 bn in September; exports rise 23%1 min read . Updated: 15 Oct 2021, 06:10 AM IST
- Exports have grown on better performance by key sectors like engineering goods and petroleum products
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India's merchandise exports in September have risen 22.6% over last year to $33.79 billion on better performance by key sectors like engineering goods and petroleum products, according to the data from ministry of commerce.
Imports have increased significantly, by nearly 85% year-on-year to $56.4 billion.
Meanwhile, the trade deficit in September widened to $22.59 billion as against $2.96 billion in the same month last year, the data showed.
However, the widening trade deficit is unlikely to give a major trouble to the Reserve Bank of India as the trade surplus in services and inflow of foreign funds in stock and debt markets have provided a cushion.
India's forex reserves crossed $637 billion at the end of September.
The current account surplus stood at $6.5 billion in April-June quarter, data from the country's central bank released earlier showed.
India’s overall exports (Merchandise and Services combined) in September 2021 are estimated at $54.06 billion, seeing a growth of 21.44% over the same period last year.
Cumulative value of exports for the period April-September 2021 was $197.89 billion as against $125.62 billion during the period April-September 2020, registering a positive growth of 57.53%.
Meanwhile, non-petroleum and non-gems and jewellery exports during the period rose 19% year-on-year at $25.34 billion.
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