India’s exports decreased by 2.6% in September to $34.5 billion compared to the same month last year, marking the fifth consecutive month of YoY declines, influenced by sectors like gems and jewelry, petroleum, and chemicals. Import reductions led to a 31% drop in the trade deficit, reaching a five-month low of $19.4 billion in September. For April-September FY24, exports contracted by 8.77% to $211.4 billion, with imports falling by 12.23% to $326.98 billion. While some sectors like petroleum and gems/jewelry faced challenges due to global conflicts, others, including non-petroleum and non-gems/jewelry exports, engineering goods, and agricultural products, saw positive growth. Revised data also showed August exports higher than initially reported. The government remains hopeful about the future, particularly in services and merchandise exports.