Snapping the two months slide, the country’s merchandise exports rose marginally by 0.5 per cent to USD 34.58 billion in September while trade deficit narrowed to USD 20.78 billion. According to official data released on Wednesday, imports increased by 1.6 per cent to USD 55.36 billion in September compared to USD 54.49 billion in the year-ago period.
The trade deficit, or the gap between imports and exports, was USD 20.8 billion during the same month last year. It soared to a 10-month high of USD 29.65 billion in August.
The outbound shipments had declined by 9.3 per cent in August and 1.2 per cent in July compared to the year-ago months.
Exports during April-September this fiscal increased by 1 per cent to USD 213.22 billion, and imports grew by 6.16 per cent to USD 350.66 billion. The trade deficit during the first half of the fiscal was USD 137.44 billion.
Commerce Secretary Sunil Barthwal told reporters here that exports both in September and during the first six months of this fiscal have recorded positive growth despite global uncertainties.
The important drivers of exports included engineering, chemicals, plastics, pharma, ready-made garments and electronics.
“We have done well despite global difficulties,” Barthwal said.
Gold imports edged up to USD 4.39 billion in September against USD 4.11 billion in the same month last year.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
