Exports rise 4.82% to US$ 35.45 billion in September; trade deficit widens to US$ 25.71 billion
- IBEF
- October 17, 2022
According to figures issued by the Commerce Ministry on Friday, the nation's exports increased by 4.82% to US$ 35.45 billion in September despite an increase in the trade deficit to US$ 25.71 billion.
The Ministry reported in its preliminary data, which was made public in the first week of this month, that the nation's merchandise exports decreased by 3.52% to US$ 32.62 billion in September.
The data made public on Friday shows that imports rose by 8.66% to US$ 61.61 billion in the reviewed month. In September 2021, there was a US$ 22.47 billion trade deficit.
From April-September 2022, exports increased by US$ 16.96 billion, reaching US$ 231.88 billion. According to the report, imports increased by 38.55% to US$ 380.34 billion, while the trade deficit increased to US$ 148.46 billion from US$ 76.25 billion in September 2021.
In September of this year, exports of important industries like engineering, RMG (ready-made garments) of all textiles, plastic, cashew, and carpet had negative growth.
Engineering exports decreased by 10.85% in September to US$ 8.4 billion. Similar to this, RMG's total textile exports decreased by 18% to US$ 1 billion. Plastics shipment volume fell by 12.2% to US$ 660.66 million.
But exports of gems and jewellery, petroleum products, leather, chemicals, pharmaceuticals, and rice saw an increase this month.
The Ministry added that the expected value of services exported in September 2022 is US$ 25.65 billion, up 18.72% over same month in the previous year. Additionally, imports increased by 20% to US$ 15.10 billion.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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