India's trade deficit narrows to 7-month low of $8.98 billion in September
Merchandise exports for September 2017 soared 25.67 per cent from a year ago to $28.61 billion on the back of rise in shipments of chemicals, petroleum and engineering products, commerce ministry data showed.
The country's trade deficit dropped to a seven-month low of $8.98 billion (over Rs 58,000 crore) in September compared to $11.64 billion last month, according to government data released on Friday. Trade deficit, which is the difference between the exports and imports, for the corresponding period last year was $9 billion.
Merchandise exports for September 2017 soared 25.67 per cent from a year ago to $28.61 billion on the back of rise in shipments of chemicals, petroleum and engineering products, commerce ministry data showed. Overall outbound shipments have now grown for 13 straight months after contracting for more than a year.
Goods imports too rose by 18.09 per cent to $37.6 billion from $31.83 billion in the year-ago month, data showed. Gold import dipped 5 per cent to $1.71 billion last month. Oil and non-oil imports grew by 18.47 per cent and 17.98 per cent to $8.18 billion and $29.4 billion, respectively in September.
Cumulative exports during April-September 2017-18 increased by 11.52 per cent to $147.18 billion, while imports grew by 25.08 per cent to $219.31 billion, leaving a trade deficit of $72.12 billion.
In continuation with positive growth exhibited by exports for the last thirteen months, exports during September 2017 have shown growth of 25.67 per cent in dollar terms, the ministry said in a statement.
In September, petroleum, engineering and chemicals exports grew by 37 per cent, 44.24 per cent and 46 per cent, respectively. However, sectors which recorded negative growth include handicrafts, iron ore, and fruit and vegetables