India’s exports dip 3.52% to $32.62 billion in September 2022

India’s exports slumped by 3.52% to $32.62 billion in September 2022, compared to $33.81 billion in the same month the previous year, data released by the ministry of commerce and industry on Monday showed. However, India’s imports in September this year surged 5.44% to $59.35 billion compared to $56.29 billion in the same period the previous year. For August this year, India’s exports and imports were $33 billion and $61.68 billion, respectively.

“The import surge reflects the strong demand of the domestic economy due to robust growth and strong fundamentals of the Indian economy. In value terms, the surge in imports is due to a combination of quantity and price factors,” the ministry says in a statement. 

Between April and September this year, the country’s exports surged 15.54% to $229.05 billion, compared to $198.25 billion for the same period in the previous year. India’s trade deficit for September was $26.72 billion, compared to $28.68 billion in August this year. 

Exports of non-petroleum products also witnessed a hit of 7.25% at $26.54 billion, compared to $28.62 billion in the same month the previous year. Meanwhile, imports of non-petroleum products advanced 10.73% to $43.75 billion in September this year, compared to $39.51 billion in the same period the previous year. 

Non-petroleum, non-gems and jewellery exports registered a negative growth of 9.78% at $22.9 billion in September this year, compared to $25.38 billion in the same period the previous year. Meanwhile, imports of non-oil, and non-GJ (gold, silver & Precious metals), registered a positive growth of 16.78% at $36.5 billion, compared to $31.26 in September of the previous year. 

Between April and September of the current fiscal year, exports of non-petroleum products witnessed a surge of 5.6% at $179.17 billion, compared to $169.17 billion for the same period in the previous year. During the April and September period this year, imports of non-petroleum products witnessed an increase of 28.58% at $263.54 billion, compared to $204.97 billion in April-September 2021-22.

Pharmaceutical exports witnessed a decline of 6.29% to $2,052 million in September this year, compared to $2,055 million for the same period in the previous year. Meanwhile, rice exports declined by 2.25% to $733 million in September this year, compared to $779 million in the same period the previous year. 

Notably, in order to ensure sufficient supply in the domestic market, the government in September this year, restriced the export of broken rice, and slapped an export tax of 20% on rice producers. India accounts for 40% of the global supply, by exporting the rice in more than 150 countries.