India's trade deficit narrows in September as imports dip, services exports rise
India’s trade deficit for September fell sharply due to lower imports and higher services. Overall the goods trade deficit has come down to $19.37 billion in September compared to $24.16 billion in August.
India's trade deficit narrowed in September led by a dip in imports and a rise in services exports. In recent months, there has been concern about the stagnation of exports potentially leading to a rise in the trade deficit. However, these worries have been alleviated by the September data.
Goods imports for September stood at $53.84 billion, a notable drop from the $58.64 billion recorded in August. Meanwhile, goods exports remained stable at $34.47 billion in September, virtually unchanged from the $34.48 billion reported in the previous month.
Additionally, services exports for September showed positive growth, reaching $29.37 billion, as opposed to the $26.39 billion in August. Consequently, the overall goods trade deficit for September has contracted to $19.37 billion, significantly lower than the $24.16 billion reported in August.
(Edited by : Ajay Vaishnav)
First Published: Oct 13, 2023 7:30 PM IST
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