Export growth slumps in September

India’s merchandise exports rose at the slowest pace in 18 months in September, as demand for the country's goods was hit by the worldwide economic slowdown in the wake of the worst financial crisis since the Great Depression. Exports during September were up by only 10.4% at US$13.75bn while imports surged by 43.3% to US$24.38bn, as a steep fall in the Indian rupee negated the benefit from sharply lower crude oil prices. This translated into a trade gap of US$10.63bn as against US$4.56bn in the corresponding month a year earlier. In rupee terms, exports touched Rs626.41bn, which was 24.7% higher than September 2007 while imports jumped by 61.9% to Rs1.11 trillion. In rupee terms, the trade deficit in September 2008 works out to Rs484.44bn compared to Rs183.73bn in the same month last year. Oil imports during September 2008 climbed 57.1% to US$9.09bn while non-oil imports during the same period was up 36.2% at US$15.28bn.