India’s merchandise trade deficit widened to $30.21 billion in September from $26.86 billion in August, even as exports registered strong double-digit growth, according to government data released on Thursday.
The trade gap increased by $3.35 billion month-on-month, as imports outpaced exports.
India’s merchandise exports jumped 23.04% year-on-year to $44.4 billion in September, while imports rose 8% to $74.61 billion, according to government data.
The September trade deficit was marginally lower than economists’ expectations of $30.4 billion, according to a Reuters poll.
Commerce Secretary Rajesh Agarwal said the growth trend in India’s exports was continuing, indicating sustained momentum in outbound shipments despite the widening trade gap.