Exports dip 6.57 pc in Sep; Import contracts 13.58 pc

Exports dip 6.57 pc in Sep; Import contracts 13.58 pc

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India's exports contracted by 6.57 per cent to USD 26 billion in September mainly due to significant dip in shipments from key sectors such as petroleum, engineering, leather, chemicals, and gems & jewelry.

Imports too declined by 13.85 per cent to USD 36.89 billion, narrowing trade deficit to USD 10.86 billion in September, according to official data released on Tuesday.

The trade deficit in September last year stood at USD 14.95 billion.

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

Shipments of gems and jewelry, engineering goods, and petroleum products contracted by 5.56 per cent, 6.2 per cent and 18.6 per cent, respectively.

In September, oil imports declined by 18.33 per cent to USD 8.98 billion, and non-oil imports fell by 12.3 per cent to USD 27.91 billion.

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

Gold imports plunged 50.82 per cent to USD 1.27 billion in the month.