Surge in gold imports pushed the trade deficit to about 18-months high
The AP government has an ambitious plan to develop 14 ports along the 972-km coastline. Picture for representational purpose.
New Delhi: India’s exports grew marginally by 2.73 per cent in September, but a surge in gold imports pushed the trade deficit to about 18-months high of $14.2 billion. Overall, imports jumped by about 26 per cent, the highest increase in about last three-and-a-half-years, to $43.15 billion in September, 2014.
Gold imports in the month under review increased manifold to $3.75 billion compared to $682.5 million in same month last year. “Exports (growth) is disappointing. It is primarily due to global factors. WTO has downwardly revised global trade forecast for 2014 to 3.1 per cent as against 4.7 per cent predicted earlier.
Moreover, softening of crude prices, which is good for Indian economy, has also contributed to decline in petroleum exports,” FIEO president Rafeeq Ahmed said. India’s exports stood at $28.9 billion in September. Trade deficit in September, 2013, was $6.12 billion.
( Source : PTI )
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