New Delhi, Oct 13 (PTI) India's export soared by 25.67per cent to USD 28.61 billion in September, logging itshighest growth in last six months on the back of expansion inshipments of chemicals, petroleum and engineering products,official data released today said.
This is the highest export growth rate since March 2017when shipments grew by 27.5 per cent.
Import too rose by 18.09 per cent to USD 37.6 billion inSeptember from USD 31.83 billion in the year-ago month,according to the data released by the commerce ministry.
Trade balance stood almost flat at USD 8.98 billion inSeptember 2017 against USD 9 billion in September 2016.
Commerce minister Suresh Prabhu in a tweet said, "IndiaÂ’sgrowth story is back! Exports grow by 25.6% in September 2017as compared to September 2016."During September 2017, all the top ten commodity groupsof export exhibited positive growth over September 2016comprising 82.14 per cent share in total exports, he tweetedfurther.
The trade data showed a decline of 5 per cent in goldimport at USD 1.71 billion in September 2017. Oil and non-oilimports grew by 18.47 per cent and 17.98 per cent to USD 8.18billion and USD 29.4 billion, respectively in the month.
Cumulative exports during April-September 2017-18increased by 11.52 per cent to USD 147.18 billion, whileimports grew by 25.08 per cent to USD 219.31 billion, leavinga trade deficit of USD 72.12 billion.
"In continuation with positive growth exhibited byexports for the last thirteen months, exports during September2017 have shown growth of 25.67 per cent in dollar terms," thecommerce ministry said in a statement.
Commenting on the data, exporters body FIEO said that thegrowth rate would further increase in the coming months as thegovernment has addressed their concerns related with the Goodsand Services Tax (GST).
"Though global uncertainties, rupee volatility andprotectionism are still some of the major hurdles to ourcurrent growth in exports," Federation of Indian ExportOrganisations (FIEO) President Ganesh Gupta said in astatement.
He also expressed hope that the country's exports wouldtouch USD 310 billion by the end of the current fiscal.
In September, petroleum, engineering and chemicalsexports grew by 37 per cent, 44.24 per cent and 46 per cent,respectively.
However, sectors which recorded negative growth includeshandicrafts, iron ore, and fruit and vegetables. PTI RR CSMR.
This is unedited, unformatted feed from the Press Trust of India wire.