India’s trade deficit in Sept widens to $22.59bn, exports rise 22.6%

India’s merchandise exports in September rose 22.6 per cent over last year to $33.79 billion, driven by sectors such as engineering goods and petroleum products, according Ministry of Commerce and Industry data. Imports increased by nearly 85 per cent year-on-year to $56.4 billion.

The trade deficit in September widened to $22.59 billion as against $2.96 billion in the same month last year, the data showed. This, reports said, was the highest in 14 years.

The country’s forex reserves crossed $637 billion at the end of September. The current account surplus stood at $6.5 billion in April-June, recent data from the Reserve Bank of India showed.

Overall exports (merchandise plus services) in September was estimated at $54.06 billion, a growth of 21.44 per cent over the same period last year.

Cumulative value of exports for April-September was $197.89 billion as against $125.62 billion during the period last year – a growth of 57.53 per cent.

Meanwhile, non-petroleum and non-gems and jewellery exports during the period rose 19 per cent year-on-year at $25.34 billion.