The country’s exports declined by 3.52% to $32.62 billion in September from $33.81 billion in the same month in 2021, while the trade deficit widened to $26.72 billion, according to preliminary data released today by the commerce ministry.
whereas Import It grew by 5.44% to $59.35 billion during September, from $56.29 billion in September last year.
Exports grew by 15.54% to $229.05 billion during April-September 2022-23. Imports during the period grew by 37.89 per cent to $378.53 billion. The trade deficit during the first six months of the financial year has widened to $149.47 billion as against $76.25 billion during April-September 2021-22.
Reserve Bank of India Deputy Governor Michael Patra had earlier said that services exports are doing very well and on the services front, the travel segment is getting a boost as tourism has grown in a big way.
India’s GDP growth rate will come down to 5.7% in 2022
Meanwhile, India’s economic growth is expected to slow to 5.7% in 2022 from 8.2% last year, a top UN agency estimated on Monday, citing high financing costs and weak public expenditure.
According to the forecast of the United Nations Conference on Trade and Development (UNCTAD) Trade and Development Report 2022, India’s GDP will grow at a growth rate of 4.7% in 2023.
“India experienced an expansion of 8.2% in 2021, the strongest among G20 countries. As supply chain disruptions eased, rising domestic demand turned current account surpluses into deficits, and growth slowed,” the report said.
Meanwhile, China’s economic growth is expected to rise to 3.9% this year, down from 8.1% last year, and to 5.3% in 2023.
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