Dip in exports & imports for Sept.

Owing to the drop in shipments of petroleum, engineering, gems & jewellery and chemicals, India’s exports contracted by 6.57% in September’19 to US$ 26.03 billion. India’s imports on the other hand declined 13.85% to a three-year low of US$ 36.89 billion, signaling weak domestic demand on account of a slowing economy. Further, India’s trade deficit narrowed to a seven-month low of US$ 10.86 billion from US$ 14.95 billion a year earlier and US$ 13.45 billion in August. Official data also revealed that only eight out of 30 key export sectors showed growth in September. Electronic exports stood out with a growth rate of 33%. Gems & jewellery, engineering goods and petroleum products fell by 5.56%, 6.2% and 18.6% respectively.

On the imports front, gold saw a massive drop by 50.82% while non-oil and non-gold imports fell by 8.8% during the month, signifying a drop in domestic demand.