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India’s exports dip by 3.52% to $32.62 billion in September

The country’s exports shrink by 3.52% to $32.62 billion in September as against $33.81 billion in the same month in 2021, while the trade deficit widened to $26.72 billion, as per the preliminary data released by the commerce ministry today.

Whereas imports during September grew by 5.44% to $59.35 billion as against $56.29 billion in September last year.

The exports during April-September 2022-23 surged by 15.54% to $229.05 billion. Imports during the period increased by 37.89% to $378.53 billion. The trade deficit during the first six months of the fiscal has widened to $149.47 billion as against $76.25 billion during April-September 2021-22.

The services exports are doing very well and on the services front, there is a boost coming from the travel segment as tourism has picked up in a big way, Reserve Bank of India Deputy Governor Michael Patra had said earlier.

India’s GDP growth to decline to 5.7% in 2022

Meanwhile, India’s economic growth is expected to decline to 5.7% in 2022 from 8.2% last year, a top UN agency projected on Monday, citing higher financing cost and weaker public expenditures.

India’s GDP will further decelerate to 4.7% growth in 2023, as per the forecast by the United Nations Conference on Trade and Development (UNCTAD) Trade and Development Report 2022.

“India experienced an expansion of 8.2% in 2021, the strongest among G20 countries. As supply chain disruptions eased, rising domestic demand turned the current account surplus into a deficit, and growth decelerated,” the report said.

Meanwhile, China’s economic growth is expected to be 3.9% this year, a decline from 8.1% last year, and a 5.3% growth in 2023.

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