India's exports contracted by 6.57 per cent 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 per cent to $36.89 billion, narrowing trade deficit to $10.86 billion in September, according to official data released on Tuesday.
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 per cent, 6.2 per cent and 18.6 per cent, respectively.
In September, oil imports declined by 18.33 per cent to $8.98 billion, and non-oil imports fell by 12.3 per cent to $27.91 billion.
Cumulatively, during April-September 2019, exports were down 2.39 per cent to $159.57 billion while imports contracted by 7 per cent to $243.28 billion.
Gold imports plunged 50.82 per cent to $1.27 billion in the month.
Source: moneycontrol.com