Exports up 4.62% to $22.9 bn in Sep

Arresting the two-month fall, exports grew by 4.62 per cent to $22.9 billion in September on the back of healthy growth in sectors like engineering and gems and jewellery. The outward shipments stood at $21.8 billion in September 2015. However, imports contracted by 2.54 per cent to $31.22 billion, leaving a trade deficit of $8.33 billion in the month under review. The trade gap in the month under review was lower than $10.16 billion in September 2015, according to the data released by the commerce ministry. The export sectors which recorded positive growth include engineering (6.51 per cent), gems and jewellery (22.42 per cent), handicrafts (23 per cent), textiles (12.62 per cent) and chemicals (6 per cent). Exports of petroleum goods, however, dipped 1.43 per cent to $2.55 billion in September. Oil imports during the month grew by 3.13 per cent to $6.88 billion. Gold imports dipped by 10.3 per cent to $1.8 billion in September 2016, which helped bridge the trade gap. During April-September this fiscal, exports dipped by 1.74 per cent to $131.4 billion. Imports too contracted by 13.77 per cent to $174.4 billion, leaving a trade deficit of $43 billion. Since December 2014, exports fell for the straight 18 months till May 2016 due to weak global demand and slide in oil prices. Shipments witnessed growth only in June this year thereafter again entered into negative zone in July and August.