• India’s overall exports (Merchandise and Services combined) in September 2023* is estimated to be USD 63.84 Billion, exhibiting a negative growth of (-) 1.20 per cent over September 2022. Overall imports in September 2023* is estimated to be USD 68.75 Billion, exhibiting a negative growth of (-) 13.67 per cent over September 2022.

Table 1: Trade during September 2023*

* Note: The latest data for services sector released by RBI is for August 2023. The data for September 2023 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-September 2022 and April-June 2023 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Overall Trade during September 2023*

• India’s overall exports (Merchandise and Services combined) in April-September 2023 is estimated to exhibit a negative growth of (-) 2.97per cent over April-September 2022. Overall imports in April-September 2023 is estimated to exhibit a negative growth of (-) 10.14 per cent over April-September 2022.

Table 2: Trade during April-September 2023*

Fig 2: Overall Trade during April-September 2023*

MERCHANDISE TRADE

• Merchandise exports in September 2023 were USD 34.47 Billion, as compared to USD 35.39 Billion in September 2022.
• Merchandise imports in September 2023 were USD 53.84 Billion, as compared to USD 63.37 Billion in September 2022.

Fig 3: Merchandise Trade during September 2023

• Merchandise exports for the period April-September 2023 were USD 211.40 Billion as against USD 231.73 Billion during April-September 2022.
• Merchandise imports for the period April-September 2023 were USD 326.98 Billion as against USD 372.56 Billion during April-September 2022.
• The merchandise trade deficit for April-September 2023 was estimated at USD 115.58 Billion as against USD 140.83 Billion during April-September 2022.

Fig 4: Merchandise Trade during April-September 2023

• Non-petroleum and non-gems & jewellery exports in September 2023 were USD 24.78 Billion, compared to USD 24.33 Billion in September 2022.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in September 2023 were USD 33.58 Billion, compared to USD 38.25 Billion in September 2022.

Table 3: Trade excluding Petroleum and Gems &Jewellery during September 2023

Note: Gems &Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 5: Trade excluding Petroleum and Gems &Jewellery during September 2023

• Non-petroleum and non-gems & jewellery exports during April-September 2023 was USD 153.89 Billion, as compared to USD 160.25 Billion in April-September 2022.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 209.65 Billion in April-September 2023 as compared to USD 224.89 Billion in April-September 2022.

Table 4: Trade excluding Petroleum and Gems &Jewellery during April-September 2023

Note: Gems &Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 6: Trade excluding Petroleum and Gems &Jewellery during April-September 2023

SERVICES TRADE

• The estimated value of services export for September 2023* is USD 29.37 Billion, as compared to USD 29.22 Billion in September 2022.
• The estimated value of services import for September 2023* is USD 14.91 Billion as compared to USD 16.27 Billion in September 2022.

Fig 7: Services Trade during September 2023*

• The estimated value of services export for April-September 2023* is USD 164.89 Billion as compared to USD 156.07 Billion in April-September 2022.
• The estimated value of services imports for April-September 2023* is USD 89.22 Billion as compared to USD 90.58 Billion in April-September 2022.
• The services trade surplus for April-September 2023* is estimated at USD 75.67 Billion as against USD 65.49 Billion in April-September 2022.

Fig 8: Services Trade during April-September 2023*

• For the month of September 2023, undermerchandise exports, 12 of the 30 key sectors exhibited positive growth in September 2023 as compared to same period last year (September 2022). These include Iron Ore (8054.78%), Oil Meals (72.66%), Ceramic Products & Glassware (50.49%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (27.39%), Meat, Dairy & Poultry Products (19.4%), Cereal Preparations & Miscellaneous Processed Items (17.65%), Tobacco (9.18%), Drugs & Pharmaceuticals (9.01%), Oil Seeds (8.77%), Carpet (7.51%), Engineering Goods (6.79%) and Marine Products (4.66%).
• During April-September 2023 electronic goods exports were recorded at USD 13.11 Billion as compared to USD 10.27 Billion during April-September 2022, registering a growth of 27.62 percent.
• Under merchandise imports, 20 out of 30 key sectors exhibited negative growth in September 2023. These include Silver (-89.94%), Cotton Raw & Waste (-87.68%), Fertilisers, Crude & Manufactured (-61.89%), Sulphur & Unroasted Iron Pyrites (-56.96%), Transport Equipment (-53.15%), Coal, Coke & Briquettes, Etc. (-33.39%), Vegetable Oil  (-24.11%), Project Goods (-23.53%), Pearls, Precious & Semi-Precious Stones (-22.49%), Newsprint (-22.4%), Leather & Leather Products (-21.72%), Petroleum, Crude & Products (-20.32%), Wood &  Wood Products (-14.71%), Organic & Inorganic Chemicals (-12.89%), Chemical Material & Products (-12.04%), Textile Yarn Fabric, Made-Up Articles (-8.29%), Metaliferrous Ores & Other Minerals (-4.44%), Iron & Steel (-3.25%), Machine Tools (-1.6%) and Pulp And Waste Paper (-0.83%).
• For April-September 2023, under merchandise exports, 13 of the 30 key sectors exhibited positive growth during April-September 2023 as compared to April-September 2022. These includeIron Ore (128.04%), Oil Meals (41.16%), Electronic Goods (27.62%), Oil Seeds (23.47%), Ceramic Products & Glassware (20.25%), Fruits & Vegetables (10.67%), Tobacco (7.6%), Drugs & Pharmaceuticals (5.02%), Coffee (3.43%), Cereal Preparations & Miscellaneous Processed Items (1.89%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (1.83%), Spices (1.35%) and Cashew (0.31%).
• Under merchandise imports, 17 of the 30 key sectors exhibited negative growth in April-September 2023 as compared to April-September 2022. These include Silver (-88.58%), Cotton Raw & Waste (-62.9%), Sulphur & Unroasted Iron Pyrites (-48.62%), Coal, Coke & Briquettes, Etc. (-36.72%), Fertilisers, Crude & Manufactured (-36.25%), Pearls, Precious & Semi-Precious Stones (-25.88%), Organic & Inorganic Chemicals (-25.38%), Vegetable Oil  (-23.33%), Petroleum, Crude & Products (-22.81%), Textile Yarn Fabric, Made-Up Articles (-19.62%), Leather & Leather Products                       (-15.14%), Wood &  Wood Products (-12.99%), Fruits & Vegetables  (-8.19%), Transport Equipment (-7.7%), Metaliferrous Ores & Other Minerals (-6.76%), Artificial Resins, Plastic Materials, Etc. (-6.37%), Newsprint (-1.39%).
• Silver imports slumped by89.94 percent from USD 1.06 Billion in September 2022 to USD 0.11 Billion in September 2023.
• Services exports is projected to continue to grow positively at 5.65 percent during April-September 2023 over April-September2022.
• India’s trade deficit has shown considerable decline in April-September 2023. Overall trade deficit for April-September 2023* is estimated at USD 39.91 Billion as compared to the deficit of USD 75.34 Billion during April-September 2022, registering a decline of (-) 47.03 percent. The merchandise trade deficit during April-September 2023 is USD 115.58 Billion compared to USD 140.83 Billion during April-September 2022, registering a decline of (-) 17.93 percent.

***

*Link for Quick Estimates

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