India’s Trade Deficit Narrows In September As Exports Bounce Back
Exports rose 4.6 percent in September to $22.9 billion on a year-on-year basis.
India's trade deficit narrowed 22.3 percent in September to $8.34 billion from $10.2 billion, from a year ago. The trade deficit stood at $7.674 billion in August.
Arresting a two-month fall, exports rose 4.6 percent in September to $22.9 billion on a year-on-year basis on the back of healthy growth in sectors like engineering and gems & jewellery, data from the commerce ministry showed.
However, imports in September declined 2.5 percent to $31.2 billion compared to the same month last year, leaving a trade deficit.
During the month, India's import of oil increased 3.13 percent to $6.89 billion while non-oil imports declined 4 percent to $24.3 billion.
On a cumulative basis, India's trade balance for the April-September period of this year stood at an estimated $16.1 billion, which is 60.1 percent lower than the deficit figure during the same period of the previous financial year. The trade balance for the period is an estimate as the data for trade in services is only available till August 2016.