India's Exports Decline 2.6 Per Cent To $34.47 Billion In September

Imports too fell by 15 per cent to $53.84 billion as against $63.37 billion recorded in September 2022

India's exports declined by 2.6 per cent to $34.47 billion in September this year as against $35.39 billion in the same month last year, government data showed on Friday. Imports too fell by 15 per cent to $53.84 billion as against $63.37 billion recorded in September 2022.

The country's trade deficit in the month of September stood at $19.37 billion. During April-September this fiscal, exports contracted by 8.77 per cent to $211.4 billion. Imports during the six-month period fell by 12.23 per cent to $326.98 billion.

In August, India's merchandise trade deficit amounted to $24.16 billion, with exports at $34.48 billion and imports at $58.64 billion. For the first half of 2023-24, the commerce secretary said exports were down 8.7 per cent year-on-year (YoY), while imports were 12.2 per cent lower.

Commerce Secretary Sunil Barthwal said, "Our falling export trend is reversing as green shoots show up. For remaining 6 months, there should definitely be positive growth in our exports," he said.

Meanwhile, he said, "Negotiations for the India-UK FTA (free trade agreement) are going on and we are ironing out the differences." 

Indian businesses can explore $112 billion export potential in ten countries if they use aggressive marketing strategies including government support, a study by the Federation of Indian Export Organisations (FIEO) revealed. The study stated that to capitalise on this potential in three years, there is a need for a proper strategy. 

The study further suggested that the government should look into setting up a scheme to help the domestic industry take part in exhibitions, buyer-sellers meet, and roadshows in prominent cities of countries like the US and the UK, to promote Indian goods.

The top ten countries that the study identified with untapped export potential worth $112 billion are the US ($31 billion), China ($22 billion), UAE ($11 billion), Hong Kong ($8.5 billion), Germany ($7.4 billion), Vietnam ($9.3 billion), Bangladesh ($5 billion), the UK ($5.4 billion), Indonesia ($6 billion), and Malaysia ($5.8 billion).