New Delhi, Oct 14 (KNN) There has been a fall in India’s merchandise exports amid slowing global demand as it saw a fall of 2.6 percent year on year, contracting to USD 34.47 billion in September. 

Similarly in exports the fall was was also significantly reflected, which contracted by 15 percent to USD 53.84 billion in September 2023 against September 2022, reported by Money Control. 

India's trade deficit stood at a 5-month low of USD 19.37 billion in September owing to bigger fall in imports.

Making for a year-on-year (YoY) fall of over 30 percent from USD 27.98 billion recorded in the same period last year.

However, according to Commerce Secretary Sunil Barthwal, the September trade data comes in with a positive sign as non-petroleum and non-gems & jewellery merchandise exports recorded an increase of 1.86 percent.

"Our falling export trend is reversing as green shoots show up. For the remaining six months, there should definitely be positive growth in our exports," he said.

"The gap in our exports year on year, which was in double digits has come down drastically. There is optimism in terms of exports, which we will see in coming months," Barthwal added.

The weekly trends, which are received by the Ministry of Commerce, have already been positive in the month of October, the commerce secretary said.

"Even though the WTO forecast has cut global growth rate from 1.7-0.8 percent, India's exports can be seen growing," he added.  (KNN Bureau)