Exports in the month of September rose by more than 25% as compared to previous fiscal to $28.61 billion. Oil imports increased by more than 18.5% to 8.91 billion, in a month which saw rising petroleum prices. Since 13 September, petrol price in Delhi had risen by 50 paise per litre, and was at Rs 70.88 per litre in the capital as on October 3rd. The price of diesel has also seen a similar rise of 42 paise per litre since 13 September. Diesel is being sold in Delhi at Rs 59.14 per litre today. Last week, the government cut basic excise duty on petrol and diesel by Rs 2 per litre in a move to provide some respite to the people from the inflationary impact.
Trade deficit widened to $8.98 billion, up by more than 1% since the previous fiscal. September gold imports registered a 5% decline to $1.71 billion from the previous fiscal. This was in expected lines, as Gold imports had more than doubled in July, due to the arrival of some delayed shipments booked ahead of the implementation of goods and services tax on the first of last month. According to World Gold Council, traders and dealers stocked up on gold inventories ahead of the levy of the national goods and services tax on fears of a higher duty. The Council expects the demand to slow down in the second half of 2017 as buyers take time to transition to the new regime. According to WGC estimates, consumption is estimated to be in the range of 650 tons to 750 tons this year.
Non-Oil imports in September stood at $29.41 billion, up by more than 18% as compared to the previous fiscal. Notably, September electronic goods imports came in at $5.17 billion, up by more than 40% YoY mainly due to the festive season demand.