India's exports decline 2.15% in September

New Delhi: India's exports declined 2.15 percent in September on a yearly basis, government data showed on Monday.

“This decline is entirely due to the base effect resulting from September 2017 being an abnormally high growth month of about 26% in dollar terms due to the imminent cut off then for drawbacks at pre-GST rates,” an official statement said.

This is a temporary out of trend phenomenon. Exporters continue to be resurgent with their realised incomes having gone up by almost 10 percent. October 2018 figures promise to be as per the ongoing six-month trend again, it added.

Imports, however, went up by 10.45 percent in September. The increase works out to be 16.16 percent during April-September period of 2018-19 financial year.

The trade deficit, or the gap between imports and exports, was estimated at USD 13.98 billion during September 2018. The overall deficit stood at USD 94.32 billion in the first six months of the current fiscal.