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India's goods exports fell 2.15 per cent to $27.95 billion in September 2018 (year-on-year) posting the first monthly decline this fiscal. Imports registered an increase of 10.45 per cent to $41.9 billion during the month bringing down trade deficit to $13.98 billion, according to the data released by the Commerce Ministry on Monday.
"This decline is entirely due to the base effect resulting from September 2017 being an abnormally high growth month of about 26 per cent due to imminent cut off then for drawbacks at pre-GST rates," the Commerce Ministry stated in its official release.
Despite the overall fall in exports in September 2018, items that posted an increase include petroleum products, chemicals, drugs & pharmaceuticals, cotton yarn & fabric, handloom products and plastic.
In the first six months of the current fiscal, exports posted a growth of 12.54 per cent. Imports posted a growth of 16.16 per cent during the period.
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