India’s September trade deficit narrows to $10.86 bn, oil imports fall 18%

New Delhi, Oct 15: India's exports remained in the negative zone for the second consecutive month in September contracting by 6.57 per cent to USD 26 billion mainly on account of a significant dip in shipments of petroleum, engineering, gems & jewellery and leather products.

Imports too declined by 13.85 per cent to USD 36.89 billion in September, narrowing the trade deficit to a seven-month low of USD 10.86 billion, according to the government data released on Tuesday. Gold imports plunged 62.49 per cent to USD 1.36 billion in the month.

Imports during the month slipped the most after August 2016, when inbound shipments had contracted by 14 per cent. The trade deficit stood at USD 14.95 billion in September 2018. Out of the 30 key sectors, as many as 22 segments showed negative growth in exports during the month under review. Shipments of gems and jewellery, engineering goods, and petroleum products contracted by 5.56 per cent, 6.2 per cent and 18.6 per cent, respectively.