Contracting for the tenth month in a row, the country’s merchandise exports plunged 24.3 per cent, year-on-year, to 21.8 billion dollars in September.
Exports dropped mainly due to a sharp fall in shipments of petroleum products, iron ore, and engineering goods, amid tepid global demand.
According to Commerce Ministry data, imports shrank 25.4 per cent, to 32.3 billion dollars in September.
Consequently, the trade deficit narrowed to 10.5 billion dollars in September this year, from 14.5 billion dollars in same month last year.
Cumulative exports during the first half of the current fiscal declined 17.4 per cent.
Oil imports slumped 54.5 per cent in September, while gold imports slipped 45.6 per cent during the month.