Oil as well as non-oil imports deceline aiding narrowing of trade deficit
India's exports increased 11.2% to $27.64 billion in September 2013, while imports dipped 18.1% to $34.44 billion. With the sharp decline in imports, the trade deficit narrowed to 30-months low of $6.76 billion in September 2013.Exports growth maintained double-digit growth rate for third sequential months, while imports declined sharply with the dip in oil as well as non-oil imports.
Oil imports fell 5.94% to $13.19 billion, while non-oil imports declined 24.2% to $21.24 billion in September 2013.
Commerce Ministry has targeted the exports of $ 325 billion for FY2014.
Cumulative exports posted a growth of 5.14% at $152.05 billion in April-September 2013, while imports fell 1.8% to $232.23 billion.
The trade deficit in the first half of the current fiscal was $80.12 billion, lower than the deficit of $91.81 billion in the first half of the last fiscal.
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