India's export declines by 2.15%, trade deficit hits 5-month low

New Delhi [India], Oct 16 (ANI): India's export figures for the month of September witnessed negative growth of 2.15 per cent compared to the corresponding month last year, clocking figures of USD 27.95 billion.
While petroleum products witnessed maximum positive growth (26.76 per cent), least growth was recorded in the 'cotton yarn/handlooms' category (3.56 per cent), as per data published by the Ministry of Commerce and Industry.
Cumulative value of exports for the period April-September 2018-19 was USD 164.04 billion as against USD 145.75 billion during the period April-September 2017-18, registering a positive growth of 12.54 per cent.
Imports, on the other hand, were USD 41.93 billion in September 2018, which was 10.45 per cent higher than that of last year (USD 37.96 billion). Cumulative value of imports for the period April-September 2018-19 was USD 258.36 billion as against USD 222.42 billion during the period April-September 2017-18, registering a positive growth of 16.16 per cent.
Gold import exhibited highest amount of growth (51.47 per cent) while the least was that of machinery, electrical and non-electrical goods (4.23 per cent).
Oil imports for the month of September 2018 were USD 10.91 billion, which was 33.59 per cent higher than the corresponding period last year. Non-oil imports, on the other hand, were estimated at USD 31.02 billion in September this year, which was 4.11 per cent higher than last year's figures of USD 29.79 billion.
Despite high oil prices, merchandise trade deficit during April-September 2018 was recorded at USD 13.98 billion in September 2018 and USD 94.32 billion in the period April-September 2018, which is the lowest in the last five months. (ANI)