Indian merchandise exports during September grew by 10.4 per cent to $13.7 billion from $12.45 billion in the same month last year. This is lower than the 15 per cent growth in exports recorded in the same month last year.
Imports during September grew by 43.3 per cent to $24.38 billion, from $17 billion in the corresponding month of the pervious year.
With Imports outpacing exports, the trade deficit for the month under consideration was up by a whopping 136 per cent, and stood at $10.63 billion, as against $4.5 billion in the same month last year.
One of the major factors that contributed to the dip in export growth during September was the slowdown in orders from the United States and the European Union, which have been hit hard by the ongoing financial crisis. Export growth rate in the previous months was nearly 27 per cent.
The spike in trade deficit was caused by a depreciation in the rupee against the dollar as well as higher imports of crude oil.
Data released by Commerce Ministry today showed that India imported $10 billion worth of crude oil in September, which is 57 per cent more than $5.8 billion recorded in the year ago month.
Non-oil imports during September stood at $15.28 billion, which was 36 per cent higher than $11.2 billion recorded in the same month last year.
In the April to September period, the country exported $94.97 billion worth of goods, which is 31 per cent more than $72.55 billion recorded in the corresponding period last year.
