After contracting for six straight months, the country’s exports rose 5.99% to $27.58 billion in September on account of growth in shipments of drugs and pharmaceuticals and readymade garments, PTI reports quoting the latest government data.
Exports stood at $26.02 billion in September 2019. The country’s imports contracted 19.6% to $30.31 billion in September. It was $37.69 billion in the same month last year. The trade deficit narrowed to $2.72 billion, compared to a shortfall of $11.67 billion in the year ago-month.
Gold imports declined by nearly 53% to $601.43 million in September. “Exports in September 2020 were $27.58 billion, as compared to $26.02 billion in September 2019, exhibiting a positive growth of 5.99 per cent,” the government said in a statement.
During the April-September 2020 period, exports declined by 16.66% to $221.86 billion, while imports fell 35.43% to $204.12 billion over the same period last year.
Major export commodities that have recorded positive growth during September include iron ore (109.65% at $303.42 million), readymade garments (10.22% at $1.19 billion), rice (93.86% at $725.14 million), and drugs and pharmaceuticals (24.38% at $2.24 billion).
However, outbound shipments of gems and jewellery declined 24.67% and Mica, Coal and other ores, minerals including processed minerals slipped 6.71%.