India’s exports increased marginally to $34.58 billion, with the trade deficit declining to $20.78 billion

New Delhi| Imports rose 1.6 percent to $55.36 billion in September, compared to $54.49 billion in the same month a year ago, according to official data. In the same month last year, the trade deficit or the difference between imports and exports was $20.8 billion. It rose to a 10-month high of $29.65 billion in August.

Compared to the previous year, exports had declined by 9.3 per cent in August and by 1.2 per cent in July. Exports increased by 1 per cent to $213.22 billion during April-September in the current fiscal year, while imports increased by 6.16 per cent to $350.66 billion. The trade deficit stood at $137.44 billion during the first half of the fiscal year.

Commerce Secretary Sunil Barthwal told reporters here that despite global uncertainties, positive growth in exports has been recorded during September and the first six months of this financial year. Important drivers of exports included engineering, chemicals, plastics, pharma, ready-made garments and electronics.

“We have done well despite global difficulties”, Barthwal said Gold imports rose to $4.39 billion in September, compared to $4.11 billion in the same month last year.