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Trade Secretary Anup Wadhawan, at a press conference in New Delhi on Monday, announced that India's exports in the month of September declined to $27.95bn vs. $28.56bn yoy, while imports grew $41.9bn vs. $37.9bn yoy.
Wadhawan added that India's exports in September declined because last year’s numbers were “unusually high.”
Export growth, meanwhile, came in negative for the first time in five months.
The trade deficit (April-Sep: $94.32bn), however, dipped to a five-month low of $13.98bn despite rising crude oil prices inflating the import bill of the country. Analysts had expected the trade gap to widen owing to the depreciating rupee and escalating oil prices.
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