India Exports Fall for 10th Straight Month in September

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The FINANCIAL — India’s exports fell for the 10th month in a row in September, government data showed on October 15, according to Nasdaq.

Exports declined 24.3% from a year earlier to $21.84 billion, according to data released by the Ministry of Commerce and Industry. Exports fell 20.7% in August.

The value of imports also declined 25.4% from a year earlier to $32.32 billion in September, as lower global oil prices helped cut the country’s oil-import bill by 54.5%. Non-oil imports also fell 10.7%.

The country’s trade deficit narrowed to $10.48 billion in September, from $12.47 billion in August and $14.47 billion a year earlier.

The sustained decline in India’s exports highlights the challenges the South Asian economy faces as it looks for growth drivers to help strengthen a recovery.

Sluggish demand in key global markets such as the U.S. and Europe, together with the devaluation of the Chinese currency, have hurt India’s export prospects.

 

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