India’s exports register a fall of 3.52% to $32.62 billion in September 2022

By: Yash Gupte

India’s merchandise imports in April -September 2022-23 were $378.53 billion with an increase of 37.89% over $274.5 billion in April -September 2021-22.

According to the preliminary data released by the Ministry of Commerce and Industry, India exported goods worth $32.62 billion in value per month in September 2022, down 3.52% from $33.81 billion in September 2021. India’s exports in April -September 2022-23 was $229.05 billion with an increase of 15.54% over $198.25 billion in April -September 2021-22. Value of non-petroleum exports in September 2022 was $26.54billion, registering a negative growth of 7.25% over non-petroleum exports of $28.62 billion in September 2021. The value of non-petroleum exports in April -September 2022-23 was $179.17 billion, an increase of 5.6% over $169.67 billion in April -September 2021-22.

The merchandise import of the country in September 2022 was $59.35 billion, an increase of 5.44% over $56.29 billion in September 2021. India’s merchandise imports in April -September 2022-23 were $378.53 billion with an increase of 37.89% over $274.5 billion in April -September 2021-22. Value of non-petroleum imports was $43.75 billion in September 2022 with a positive growth of 10.73% over non-petroleum imports of $39.51 billion in September 2021.

The chart below shows the export of top 10 commodities from April-September 2021-22 and 2022-23.

Source: Ministry of Commerce and Industry

Top 10 major commodity groups cover 82% of total exports. Engineering goods were the maximum exported goods from India with a share of 23.77% among the top 10 major commodity groups. Engineering goods worth $54456.02 million were exported from April-September 2022 as compared to $54518.41 million in the same period in the previous year. These figures show that there is a decrease in exports and this has led to rise in trade deficit. Engineering goods worth $9417.37 were exported in September 2021 as compared to $7818.22 million in September 2022. This shows that there was a sharp fall in exports of engineering goods.

Coming over to the petroleum good, they accounted for 21.78% of the total exports from April-September 2022. Petroleum goods worth $28582.46 million were exported from April-September 2021. There was a sharp increase in the export of petroleum goods in the same period this year as the value of export of petroleum goods was $49889.66 million.

There was a sharp increase in the export of electronic goods from April-September 2022 as compared to the same period in 2021. Electronic goods worth $10192.88 million were exported this year from April- September as compared to $6526.92 million in the same period in 2021. Due to the slump in several developed nations and ensuing reduction in demand, export in various sectors has decreased. Exports have also been harmed by some initiatives to control domestic inflation and food security issues.