India’s merchandise exports declined for the tenth straight month in September, by 24.3% to $21.84 billion compared to a year earlier, indicating weak global demand for the country’s products. Imports also fell 25.4% to $32.33 billion in September, official data released late Thursday showed.
Lower exports and much-lower imports resulted in a trade deficit of $10.47 billion in September, the narrowest in the past three months, according to the data.
About 24 of the 30 export sectors witnessed a decline during September, while 20 of the 30 import sectors saw a fall during the month.
The fall in exports was led by petroleum products which declined 60.35% on-year to $2.44 billion, followed by engineering goods that fell 22.8% to $5 billion a year earlier. Among the other major sectors, the country exported 19% less gems and jewelery for $3.6 billion during the past month, while exports of chemicals declined 14% to $1.1 billion, the data showed.
India’s oil imports fell 54.5% during September to $6.62 billion, while its gold imports declined 45.6% to $2 billion. Imports of chemicals also fell 18% to $1.4 billion, and imports of pearls and precious stones fell 28% to $1.5 billion, according to data. The country also imported 9% less iron and steel to $1.3 billion, it showed.
The non-oil imports during the month was lower by 10.6% at $25.7 billion, the data showed.
Between April-September, exports contracted 17.6% to $132.9 billion while imports fell 14.1% to $200.9 billion. The trade deficit for the first half of the fiscal stood at $67.9 billion, down by $4.7 billion, a year earlier.