India Export Mart / India's export market is back on track, there was such a boom in September

India's economic growth has boosted the export market. Commodity exports rose 0.5% to $34.58 billion in September, while the trade deficit narrowed to $20.78 billion. Major export factors include engineering, chemicals and electronics.

Vikrant Shekhawat : Oct 18, 2024, 06:00 AM

India Export Mart: India's economic growth is gradually increasing, and its positive impact is also being seen on the country's export market. After two months of decline, the country's commodity exports have registered a slight increase in September. Exports in September increased by 0.5 percent to $ 34.58 billion. At the same time, the trade deficit has come down to $ 20.78 billion.

Trade deficit and imports

According to government data, imports grew 1.6 percent to $ 55.36 billion in September, while it was $ 54.49 billion in the same month last year. The trade deficit, i.e. the difference between imports and exports, stood at US $ 20.8 billion in the month under review. In August, it reached a 10-month high of US $ 29.65 billion.

Positive signs despite decline in exports

India's commodity exports declined 9.3 percent year-on-year in August and 1.2 percent in July. Nevertheless, exports grew by one per cent to $213.22 billion in the first half (April-September) of the current financial year 2024-25, while imports grew by 6.16 per cent to $350.66 billion.

Commerce Secretary Sunil Barthwal told reporters that despite global uncertainties, exports have registered positive growth in September and the first six months of this financial year.

Factors for growth in exports

The important factors boosting exports include engineering products, chemicals, plastics, pharmaceuticals, ready-made garments, and electronic goods. Barthwal said that despite global difficulties, Indian industry has performed excellently.

Increase in gold imports

Gold imports also increased to $4.39 billion in August as against $4.11 billion in September last year. This indicates that the demand for gold is steadily increasing, which is a positive sign towards economic activity.

Conclusion

It is clear from these figures that India's export market is gradually strengthening, and there are signs of economic recovery. The reduction in trade deficit and increase in exports is a positive development for the government, which can prove to be helpful in moving the country's economy forward. It is expected that this trend will continue in the coming months and will contribute to India's economic growth.