In rupee terms, the growth in September exports was even higher at 5.45 per cent In a development that should cheer policy makers, India’s exports rose by 4.62 per cent to $ 22.9 billion in September while imports declined by 2.54 per cent to $ 31.22 billion. In rupee terms, the growth in September exports was even higher at 5.45 per cent. India’s exports have shown sign of turning around at a time when major economies are facing slump in trade. For example, manufacturing powerhouse China has reported a 10 per cent decline in its September exports. “If we look at the external environment, the export growth seems to be very encouraging,” said Ajai Sahay, director general, Federation of Indian Export Associations (FIEO). After 18 months of fall, country’s exports had shown signs of turning around in June this year. However, that proved a false hope, with exports again entering the negative territory in July. However, with 18 out of 30 sectors reporting positive growth during September analysts said there is assurance that export performance would sustain in coming months. Sahay said the effect incentives provided by the government to support exports should trickle down in coming months. The export growth would lead to further reduction in trade deficit, which would in turn help in containing India’s current account deficit, analysts said. If the export performance sustains in coming months, it would spur fresh private investment, thereby supporting the economic recovery. The trade deficit for April-September was estimated at$ 43 billion, which was 37.26 per cent lower compared to the same period last year. The sectors that recorded positive growth include engineering (6.51 per cent), gems and jewellery (22.42 per cent), handicrafts (23 per cent), textiles (12.62 per cent) and chemicals (6 per cent). Exports of petroleum goods, however, dipped 1.43 per cent to $2.55 billion in September. Oil imports during the month grew by 3.13 per cent to $ 6.88 billion. Gold imports dipped by 10.3 per cent to $1.8 billion in September 2016, which helped bridge the trade gap. During April-September this fiscal, exports dipped by 1.74 per cent to $131.4 billion. Imports too contracted by 13.77 per cent to $ 174.4 billion, leaving a trade deficit of $ 43 billion. Since December 2014, exports fell for the straight 18 months till May 2016 due to weak global demand and slide in oil prices. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , SEBI Registered Company , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Jewelers Contract , Commodity market tips , call @ +91-7415033556 or fill form http://tradeindiaresearch.com/freetrial.php
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