Contracting for the tenth month in a row, India's exports plunged over 24 percent in September mainly due to global slowdown and declining commodity prices worldwide. The last time Indian exports registered a positive growth was in November 2014, when shipments had expanded at a rate of 7.27 percent. However, Imports too declined by over 25 percent in September this year, thus narrowing the trade gap to $10478.70 million from $ 14474.04 million recorded in the same month of 2014. The trade deficit during April-September 2015-16 too has narrowed to $ 67994.79 million as against $ 72692.08 million in the same period last fiscal.
As per the data released by the Commerce Ministry, Exports during September, 2015 were valued at $ 21844.98 million in Dollar terms, 24.33 per cent lower than the level of $28867.71 million during September, 2014. In Rupee terms the exports stood at Rs. 144652.67 crore for the month against Rs.175703.03 crore in the same month last year, showing a decline of 17.67 per cent. Cumulative value of exports for the period April-September 2015-16 was $132939.45 million as against $ 161397.35 million over the same period last year, registering a negative growth of 17.63 per cent in Dollar terms and Rs. 853586.59 crore against Rs. 971716.43 crore in the 12.16 per cent in Rupee terms, over the period April-September 2014-15.
Imports during September, 2015 were valued at $32323.68 million in Dollar terms, 25.42 per cent lower over the level of imports valued at $ 43341.75 million in the same month last year. In rupee terms inports were valued at Rs. 214040.28 crore which was lower by 18.86 per cent from Rs. 263799.12 crore worth of imports in September, 2014. Cumulative value of imports for the period April-September 2015-16 was $ 200934.24 million as against $ 234089.43 million, registering a negative growth of 14.16 per cent in Dollar terms and stood at Rs 1290218.42 crore in Rupee term down by 8.46 per cent of Rs1409403.56 crore in the same period last year.
Oil imports during September, 2015 were valued at $ 6626.59 million 54.53 per cent lower than oil imports valued at $ 14573.17 million in the corresponding period last year. Cumulative oil imports during April-September, 2015-16 were valued at $ 48128.96 million which was 41.58 per cent lower than the oil imports of $ 82378.98 million in the corresponding period last year. Non-oil imports during September, 2015 were estimated at $ 25697.09 million which was 10.68 per cent lower than non-oil imports of $ 28768.58 million in September, 2014. Non-oil imports during April-September, 2015-16 were valued at $ 152805.28 million, 0.72 per cent higher than the level of such imports valued at $ 151710.45 million in April-September, 2014-15.
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