India's Sept exports down 13.8% YoY exports down

India's merchandise exports were down -13.8% at US$13.61bn in September 2009 while imports fell 31.3% to US$21.38bn from the same period last year, the Commerce Ministry said on Tuesday. As a result, the trade gap for the month under review has come down to US$7.77bn from US$15.3bn in September 2008. Oil imports were down 33.5% at US$6.34bn in September 2009 while non-oil imports slumped 30.4% to US$15.03bn. In rupee terms, exports were down 8.4% in September 2009 while imports slid 27% from the same month a year earlier.

Cumulatively (April-September 2009-10), exports fell by 28.5% to US$77.86bn while imports on the same basis were down 32.7% to US$124.58bn, the Commerce Ministry data revealed today. The trade deficit for the first six months of FY10 shrunk to US$46.73bn versus US$76.10bn in the year-ago period. Oil imports during the first half of FY10 were down 45% at US$34.81bn while non-oil imports during the same period were down 26.2% to US$89.77bn.