Business Economy

Exports dip 6.57% in September; import contracts 13.58%

India’s exports contracted by 6.57% to $26 billion in September mainly due to significant dip in shipments from key sectors such as petroleum, engineering, leather, chemicals, and gems & jewellery.

Imports too declined by 13.85% to $36.89 billion, narrowing trade deficit to $10.86 billion in September, according to official data released on October 15.

Trade deficit in September last year stood at $14.95 billion.

Out of 30 key export sectors, as many as 22 showed negative growth in September.

Shipments of gems and jewellery, engineering goods, and petroleum products contracted by 5.56%, 6.2% and 18.6%, respectively.

In September, oil imports declined by 18.33% to $8.98 billion, and non-oil imports fell by 12.3% to $27.91 billion.

Cumulatively, during April-September 2019, exports were down 2.39% to $159.57 billion while imports contracted by 7% to $243.28 billion.

Gold imports plunged 50.82% to $1.27 billion in the month.

Source: thehindu.com

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