Exports rise 5.27% in September, trade deficit narrows to $2.91 bn

After contracting for six months in a row, the country's exports grew by 5.27 per cent year-on-year to USD 27.4 billion in September, while imports slipped by 19.6 per cent to USD 30.31 billion, according to the commerce ministry data released on Friday.

The trade deficit during the month under review narrowed to USD 2.91 billion as against USD 11.67 billion in the same period of 2019. The exports in September last year stood at USD 26.02 billion.

Exports during April-September this fiscal dipped by 21.43 per cent to USD 125.06 billion. Imports during the period stood at USD 148.69 billion, recording a negative growth of 40.06 per cent.

Commodities that registered positive growth in exports in September include iron ore (109.52 per cent), rice (92.44 per cent), oil meals (43.9 per cent), carpet (42.89 per cent), pharmaceuticals (24.36 per cent), Meat, dairy and poultry products (19.96 per cent), Cotton yarn/fabrics/madeups, handloom products (14.82 per cent), Tobacco (11.09 per cent), Spices (10.07 per cent), petroleum products (4.17 per cent), Engineering goods (3.73 per cent), chemicals (2.87 per cent), and coffee (0.79 per cent).

The ministry said that in September 2020, oil imports fell 35.92 per cent to USD USD 5.82 billion. During April-September 2020-21, it contracted 51.14 per cent to USD 31.85 billion.

Non-oil imports in September too declined by 14.41 per cent to USD 24.48 billion. The imports during the first half of the current fiscal declined 36.12 per cent to USD 116.83 billion, the preliminary data showed.

Gold imports dipped by 52.85 per cent during September this year.

Since March, the exports were recording negative growth due to COVID-19 pandemic and sluggish global demand.