Led by petroleum products, and engineering goods, India’s merchandise exports in September rose 22.76% on-year at $33.79 billion, slower than 45.17% growth in August.

Data released by the commerce and industry on Thursday showed imports growing at a faster pace of 84.77% at $56.39 billion, leaving a wider trade deficit of $22.59 billion as against $2.96 billion a year ago.

India’s overall exports (merchandise and services combined) grew 21.44% on a year-on-year basis in September to $54.06 billion.

The data for September 2021 is an estimation, which will be revised based on RBI’s subsequent release, the ministry said.

Cumulatively, the first six months of India’s goods exports at $197.89 billion is close to the proportionate target of $400 billion for FY22.

“Usually, there would be acceleration in demand in the second half of every fiscal due to festivities and increased business activities, and thus the level of exports would also be greater,” said

Prahalathan Iyer, Chief General Manager, Research & Analysis, India Exim Bank.

Gold imports rose a massive 750% on-year last month to $5.1 billion in September.