Export growth plunges to 10.4% on global slowdown

Export growth plunges to 10.4% on global slowdown

New Delhi: Global financial turmoil and recessionary tendencies in major economies have impacted India’s export growth, which slowed to 10.4% in September even as the country increased its imports by 43.3% over September 2007.

Outward shipments, which rose by 27% in August, saw growth plunging to 10.4% in September as the world bought less of Indian goods. Exports for September totalled $13.74 billion.

According to the official data released today, exports in rupee terms were up 24.7% to Rs62,541 crore.

Imports jumped 43.3% in September to $24.38 billion, more than one-third of which was accounted for by oil imports. With global oil prices soaring, the country paid 57.1% more for oil imports at $9.09 billion.

Non-oil imports saw 36.2% growth to $15.28 billion.

Trade deficit—surplus of imports over exports—more than doubled to $10.63 billion in September as opposed to $4.55 billion deficit in the same month the previous year.

Export expansion in the first six months of the current fiscal was 30.9% to $94.97 billion while imports climbed 38.5% to $154.74 billion.

A 60% higher payout for buying oil at $55.06 billion was single-largest reason for the soaring import bill for April-September. Non-oil imports during the period increased 29.3% to $99.68 billion.

Trade deficit in April-September was estimated at $59.77 billion as against $39.1 billion in the same period the last fiscal.