India’s goods trade deficit widens

Business Recorder reported that India's merchandise trade deficit widened to USD30.21 billion in September, as imports grew faster than exports. The gap was wider than the USD26.86 billion recorded in August. Outbound shipments still rose, and new trade deals could help narrow the balance in the coming months.

Exports climbed to USD44.40 billion from USD43.81 billion a month earlier, while imports rose to USD74.61 billion from USD70.67 billion. Trade Secretary Rajesh Agrawal described export growth as broad-based, citing petroleum products, meat, dairy, poultry, electronics, handicrafts and engineering goods. Services exports reached USD36.35 billion in September, against services imports of USD19.44 billion.

The United States stayed India's top export destination, with goods shipments there reaching USD50.81 billion in April-September compared with USD45.82 billion a year earlier. Agrawal said talks with Washington were heading the right way, though ties have been strained this past year. A New Zealand trade deal is set to take effect next week, and the UK pact is already in force.