India's Trade Deficit Surges To A Record In September As Imports Rebound
India trade deficit surged in September as imports saw a sharp rebound while exports remained strong.
The trade deficit in September stood at $22.59 billion, compared to $13.9 billion in August. According to ICRA, the monthly deficit in September is at an all-time high.
Imports soared to $56.4 billion, up 19.7% over the previous month. On an annual basis, exports rose by 22.63%.
Exports rose to $33.8 billion, up 1.5% over August. On an annual basis, they jumped 84.8%.
Non-petroleum and non-gems and jewellery exports were at $25.34 billion, 0.6% higher than in August, and 18.8% higher than a year earlier.
Non-oil, non-gold imports were at $33.8 billion, 18% higher than the preceding month and 40.5% higher than a year earlier.
Key Export Items
Petroleum products rose 47.59% y-o-y to $5.2 billion.
Gems & jewellery jumped 19.7% to $3.2 billion.
Readymade garments increased 9.2% to $1.3 billion.
Drugs and pharmaceuticals down 8.5% at $2.1 billion.
Engineering goods rose 3.7% to $9.4 billion.
Electronic goods increased 26.3% to $1.2 billion.
Key Import Items
Gold saw a sharp surge in imports, rising 750.6% year-to-year to $5.1 billion in September.
Coal, coke and briquettes rose 82.9% to $2.2 billion.
Petroleum, crude and and products up 199.3% at $17.4 billion.
Machinery, electrical & non-electrical contracted 42% to $3.2 billion.
Electronic goods rose 15.7% to $5.3 billion.
Iron and steel up 52.9% to $1.3 billion.
Organic and inorganic chemicals rose 56.5% to $2.5 billion.