India's Exports Defy Global Headwinds, Rises 3.76 Per Cent To $65 Billion In September; Trade Deficit Narrows

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. 

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.

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