India's trade deficit narrows in September as imports dip, services exports rise

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.