India

India Trade September 2023

India: Merchandise exports decline in September

Merchandise exports decreased 2.7% annually in September, on the heels of August’s 6.8% drop. September’s outturn marked the most moderate fall since November 2022. Meanwhile, merchandise imports plummeted 16.7% on an annual basis in September (August: -5.2% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 19.4 billion shortfall in September (August 2023: USD 24.2 billion deficit; September 2022: USD 29.2 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 251.1 billion deficit in September, compared to the USD 261.0 billion deficit in August.

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