September trade deficit narrows to $10.86 bn; exports fall 6.5% to $26 bn

New Delhi: India's trade deficit in September narrowed to $10.86 billion from $14.95 billion a year ago, the trade ministry said in a statement on Tuesday, helped by lower oil imports.

Oil imports fell 18.33% to $8.98 billion in September from $10.99 billion in the year-ago period.

Merchandise exports fell 6.57% to $26.03 billion in September compared with a year earlier, while imports were down 13.85% at $36.89 billion, the data showed.

Country's exports contracted by 6.57% to $26 billion in September mainly due to significant dip in shipments from key sectors such as petroleum, engineering, leather, chemicals, and gems and jewellery.

Imports too declined by 13.85% to $36.89 billion, according to official data released on Tuesday.

Out of 30 key export sectors, as many as 22 showed negative growth in September.

Shipments of gems and jewellery, engineering goods, and petroleum products contracted by 5.56%, 6.2% and 18.6%, respectively.

Cumulatively, during April-September 2019, exports were down 2.39% to $159.57 billion while imports contracted by 7% to $243.28 billion.

Gold imports plunged 50.82% to $1.27 billion.