India’s exports and imports showed a decline by 6.57 percent and 13.9 percent during September 2019, according to the latest trade data released by the Ministry of Commerce and Industry on Tuesday.
The country’s exports stood at 26 billion U.S. dollars, while imports totaled 36.9 billion U.S. dollars during the previous month.
These are being described as the steepest decline in both exports and imports in the past three years.
The data suggested that out of the 30 major items exported or imported, 22 export items and 25 import items saw contraction during September, owing to overall decline in consumption demand.
Reacting to the latest export-import figures, Federation of India Export Organisations (FIEO) Sharad Sharaf said that the decline in exports “did not augur well” for the Indian economy.
In a statement issued by FIEO, Saraf said the softening of commodities prices, including crude, U.S.-China trade disputes, Brexit and developments in Iran, Turkey and other Gulf nations have further aggravated the problem of the world economy.
Meanwhile, as a result to the sharp decline in exports and imports, India’s trade deficit too narrowed to seven-month low at 10.9 billion U.S. dollars.