Merchandise Exports: A Turnaround Amidst Global Challenges

The country's merchandise exports rose by 0.5% in September, ending a two-month decline. Despite global uncertainties, exports for the first half of the fiscal year grew by 1%. Key export sectors included engineering and chemicals, while oil imports fell. The trade deficit narrowed significantly.

In a bid to reverse the declining trend, the country's merchandise exports saw a slight rise of 0.5% in September, reaching USD 34.58 billion. This marks an end to a two-month slump, with the trade deficit narrowing to a five-month low of USD 20.78 billion.

Despite global uncertainty, official data shows a positive trajectory in exports, which has grown by 1% in the first half of this fiscal year, reaching USD 213.22 billion. Key sectors contributing to this growth include engineering, chemicals, and electronics. Imports, meanwhile, increased by 1.6% to USD 55.36 billion.

However, challenges remain. The dip in oil imports by 10.44% to USD 12.53 billion contrasts with soaring gold and silver imports. As geopolitical tensions mount, particularly in West Asia, India's efforts to bolster its shipping industry's global share continue. Despite these hurdles, Commerce Secretary Sunil Barthwal expressed confidence in navigating these challenges.

(With inputs from agencies.)