India’s total exports (Merchandise and Services combined) for September 2024
are estimated at $65.19 Billion, registering a positive growth of 3.76 percent
vis-à-vis September 2023, according to the Commerce Ministry.
Meanwhile, the total imports (Merchandise and Services
combined) for September 2024 are estimated a $71.68 Billion, registering a
positive growth of 3.79 percent vis-à-vis September 2023.
The trade deficit—the difference between exports and
imports—stood at $20.78 billion in September, down from $29.65 billion in
August, according to data released by the Commerce Ministry on Wednesday 16
Oct.
According to the
ministry, India’s total exports during April-September 2024 is estimated at
$393.22 Billion registering a positive growth of 4.86 percent. Total imports
during April-September 2024 is estimated at $448.05 Billion registering a
growth of 6.89 percent, it said.
In September 2024, Merchandise Exports reached $34.58
billion, a slight increase from $34.41 billion in the same month last year.
On the import side, September 2024 saw $55.36 billion
worth of exports, up from $54.49 billion in September 2023.
Major drivers of
merchandise export growth in September 2024 include Engineering Goods, Organic
and Inorganic Chemicals, Plastic & Linoleum, Drugs & Pharmaceuticals,
and RMG of all Textiles.
In September 2024, services exports stood at $30.61
billion, up from $28.42 billion in September 2023. Similarly, services
imports for September 2024 are estimated at $16.32 billion, compared to $14.58
billion in the same period last year.
And in the April-September 2024 period, service exports
grew by 9.81 percent.
Commerce Secretary
Sunil Barthwal emphasised the resilience of Indian exports despite challenges
from slowing global growth, geopolitical tensions in West Asia and Ukraine, and
disruptions along the Red Sea trade routes.
“Despite global headwinds, these sectors have driven
India’s export growth, positioning the country as a significant player in
global trade," he said.
India’s major export destinations during this period included
the US, the UAE, the Netherlands, the UK, and China. On the import side, China,
Russia, the UAE, the US, and Iraq remained the top suppliers, reflecting the
country’s dependence on key inputs and energy imports.