Mumbai: India’s trade deficit was reduced to $20.78 billion in September, compared to a 10-month high of $29.7 billion in August.
During September, merchandise import growth fell to 1.6% while merchandise exports growth increased by 0.5%.
In September, exports were worth $34.58 billion while imports stood at $55.36 billion.
Union Commerce Secretary Sunil Barthwal said despite the muted demand due to geopolitical tension, merchandise exports performed reasonably well in the first half of 2024-25.
Last week, the World Trade Organization (WTO) revised the global merchandise trade growth projection for 2025 to 3%, down from earlier 3.3%.
“While the disruptive impact of the Red Sea crisis has been contained to date, other routes could be impacted in a wider conflict. There would also be a heightened risk of energy supply disruptions given the region’s significant role in petroleum production. Higher energy prices would dampen economic growth in importing economies and weigh on trade indirectly,” the WTO stated.