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September trade deficit dips to $6.76 billion, gold imports decline sharply

This article was posted on Oct 9, 2013 and is filed under Market News

NEW DELHI: The trade deficit for the month of September reduced to $6.76 billion versus $10.9 billion in August. While exports were up 6% to $27.68 billion versus $26.1 billion in August, imports were down 7.1% to $34.44 billion versus $37.05 billion.

The trade deficit for the period April-September stood at $80.12 billion versus $91.82 billion year-on-year. The exports for the April-September period stood at $152.11 billion, up 5.14% year-on-year. The imports for the same period were reported at $232.23 billion, down 1.8% year-on-year.

Gold and silver imports slid to $0.8 billion in September as compared to $4.6 billion in September 2012. Reacting on the positive data, C Rangarajan, Chairman of PMEAC said that he expects Current Account Deficit (CAD) to be sharply lower than $70 billion in FY14. “Gold imports have fallen due to actions taken by the government. Reduction in September gold & oil imports is a positive,” he said. “I believe gold imports will continue to decline going ahead,” he added.

For more visit: Economic times

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