India's merchandise exports in September were $34.47 billion, down 2.6% YoY. Imports also dropped by 15%, resulting in a 5-month low trade deficit of $19.37 billion. Non-petroleum and non-gems & jewellery exports showed a slight increase of 1.86%.
Services exports saw a marginal uptick to $29.37 billion, while services imports notably decreased to $14.91 billion. In H1 2023-24, exports fell 8.7%, and imports dropped by 12.2%. Certain commodities, including petroleum and marine products, exhibited positive export growth. The fall in imports is attributed to price stabilization and successful import substitution through India's PLI scheme.