Reviving in September, India’s exports grew 4.62% year-onyear to $22.8 billion with 18 of the 30 exporting sectors showing growth. This is the second instance of growth this year after June when exports had risen 1.27% after declining for 18 months in a row. With a 2.5% fall in imports to $31.2 billion , the trade deficit stood at $8.33 billion.
Exports during September, 2016, have shown sign of revival,’’ commerce department said in a release in Friday. Gold imports declined 10% to $1.8 billion last month. The situation is improving because demand has gone up in most countries and government’s support measures are now showing results, said Ajay Sahai, director general and CEO, Federation of Indian Export Organisations.
However, export of petroleum goods dipped 1.43% to $2.55 billion in September while oil imports grew 3.13% to $6.88 billion. As for services trade, data released by RBI showed 4.7% growth in exports at $13 billion and an 8% rise in imports at $8,054 million in August.
The revival in merchandise exports in September 2016 is encouraging. A persistence of this nascent trend would support the domestic consumption led recovery in economic activity in second half of FY 2017,’ guided Aditi Nayar, vice-president & senior economist, ICRA.
Original Source: economictimes.indiatimes.com
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