New Delhi: India's exports grew marginally by 2.73 percent in September, but a surge in gold imports pushed the trade deficit to about 18-months high of USD 14.2 billion.
Overall, imports jumped by about 26 percent, the highest increase in about last three-and-a-half-years, to USD 43.15 billion in September, 2014.
Gold imports in the month under review increased manifold to USD 3.75 billion compared to USD 682.5 million in same month last year.
Exporters cited global conditions for slowdown in exports growth.
"Exports (growth) is disappointing. It is primarily due to global factors. WTO has downwardly revised global trade forecast for 2014 to 3.1 percent as against 4.7 percent 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 USD 28.9 billion in September.
Trade deficit in September, 2013, was USD 6.12 billion. Earlier, the deficit had touched a high of USD 20.1 billion in May 2013. Similarly, the previous highest import growth was in November 2011 at 29.1 percent.
During April-September period, exports registered a growth of 6.47 percent to USD 163.7 billion.
Imports during the period grew by 1.57 percent to USD 234 billion, leaving a trade deficit of USD 70.39 billion in the first half of the current fiscal.
India's export growth had slipped by 2.35 percent at USD 26.95 billion in August.
Oil imports grew by 9.7 percent in September to USD 14.49 billion. Non-oil imports too grew by 36.2 percent to USD 28.6 billion.
Sectors which recorded positive export growth in September include marine products (13.3 percent), leather (13.72 percent), gems and jewellery (11 percent), pharmaceuticals (3.48 percent), chemicals (7.11 percent), engineering goods (20.19 percent), textiles (15.87 percent), and rice (17.74 percent).
However exports of tea, tobacco, spices, oil meals, fruits and vegetables, iron ore, petroleum products, electronic goods, cotton yarn, carpet, handicrafts and petroleum products dropped during the month.
On the other hand, imports of vegetable oil, coal, petroleum, project goods and silver rose during the month. Products which registered negative growth include fertiliser and transport equipment.
