India's exports drop by 11 per cent in Sept

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India's exports drop by 11 per cent in Sept
India's exports during September, 2012 dropped almost 11% and were valued at $23.69 billion against $26.56 billion, reported during September, 2011.

Cumulative value of exports for the period April-September 2012-13 was $143.67 billion (Rs 785075.99 crore) as against  $154 billion (Rs 697699.46 crore) registering a negative growth of 6.79 per cent in Dollar terms and growth of 12.52 per cent in Rupee terms over the same period last year.

Meanwhile, India's imports during September, 2012 were valued at $41.77 billion (Rs.228134.59 crore) representing a growth of 5.09 per cent in Dollar terms and 20.47 per cent in Rupee terms.

The trade deficit for April - September, 2012-13 was estimated at $89.25 billion which was lower than the deficit of $89.39 billion during April-September, 2011-12.

The rise in trade deficit is worrisome for the government given the fact that the current account deficit has been rising. Also, the recent gains in the rupee is likely to put further pressure on the export figure adding to concerns.

A major part of India's imports are oil imports which has been surging. In fact, oil imports during September, 2012 were valued at $14.093 billion which was 30.74 per cent higher than oil imports valued at $10.77 billion in the corresponding period last year.

GoodReturns.in

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Story first published: Thursday, October 11, 2012, 13:33 [IST]
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