After two months of consecutive decline, exports went up by 4.62 per cent to $22.9 billion in September.
Sectors which helped the outbound shipments revive include engineering (6.51 per cent), gems and jewellery (22.42 per cent), handicrafts (23 per cent), textiles (12.62 per cent) and chemicals (6 per cent).
However, the country’s imports contracted by 2.54 per cent to $31.22 billion, leaving a trade deficit of $8.33 billion in the month under review. The trade gap is, however, the highest in the last nine months. It was $11.66 billion in December 2015. In September 2015, the trade gap was $10.16 billion.
Reacting to the data, Federation of Indian Export Organisations (FIEO) said, “if this trend continues, we can achieve $280 billion or even more in exports in the current fiscal”.
The support given by the Government will be more visible in the exports figure in coming months as exporters have factored them in their prices to increase competitiveness, it said in a statement.
During April-September this fiscal, exports dipped by 1.74 per cent to $131.4 billion. Imports too contracted by 13.77 per cent to $174.4 billion, leaving a trade deficit of $43 billion.
Exports of petroleum goods, however, dipped 1.43 per cent to $2.55 billion in September.
Oil imports during the month grew by 3.13 per cent to $6.88 billion.
Non-oil imports, on the other hand, shrank by 4 per cent to $24.33 billion.
The export sector which recorded negative growth includesrice, tobacco, cashew, leather, cotton yarn and man made yarn.
Non-petroleum exports in September increased by 5.44 per cent to $20.33 billion, the commerce ministry data showed.
It said that the growth in exports have fallen for USA, EU, China but Japan exhibited positive growth for July 2016 over the corresponding period of previous year.
Further, it said services exports in August grew by 4.74 per cent to $13.38 billion.
The net export of services for April-August 2016-17 was estimated at $26.9 billion, which is lower than net export of $28.17 billion in the same period last year, it added.
Since December 2014, exports fell for the straight 18 months till May 2016 due to weak global demand and slide in oil prices. Shipments witnessed growth only in June this year thereafter again entered into negative zone in July and August.