Overall, India’s trade landscape in September 2023 exhibits a mix of challenges and growth opportunities, with specific sectors contributing significantly to the nation’s export growth. While merchandise exports face some headwinds, the resilience of several sectors and the services trade surplus present promising trends for India’s trade future.
Top 5 Major Updates:
- Overall exports in September 2023 decreased by (-) 1.20% compared to September 2022.
- Trade deficit improved significantly, decreasing by 47% during April-September 2023.
- Non-petroleum and non-gems & jewelry exports showed resilience, increasing by 1.86%.
- Engineering goods exports recorded robust growth, surging by 6.8%.
- Services exports for September 2023 were estimated at USD 29.37 billion, while services imports reached USD 14.91 billion.
Other Notable Highlights:
- Marine products exports witnessed a notable rise, increasing by 4.7%.
- Electronic goods exports registered an impressive growth of 27.6%.
- Ceramic products and glassware sector saw a substantial increase of 50.5%.
- Drugs and pharma exports continued to flourish with a growth rate of 9.0%.
- Iron ore exports recorded an extraordinary growth of 128%.
- Agricultural exports demonstrated remarkable growth during April-September 2023.
- Services exports are expected to continue growing positively at 5.65% during April-September 2023 over the same period in 2022.
- India’s trade deficit has shown a considerable decline in April-September 2023. The overall trade deficit for this period is estimated at USD 39.91 billion, significantly lower than the USD 75.34 billion deficit in April-September 2022.
Checkout the blog for detailed information on sector-wise analysis and outlook for the Indian trade landscape in the coming months.
Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions