Merchandise exports witness deceleration: RBI
India's merchandise exports, which clocked a 35.3 per cent growth in April-August 2008, saw a deceleration in September 2008 at 10.4 per cent, the Reserve Bank said.india Updated: Jan 27, 2009 10:17 IST
India's merchandise exports, which clocked a 35.3 per cent growth in April-August 2008, saw a deceleration in September 2008 at 10.4 per cent, the Reserve Bank said on Monday.
It slipped into negative territory during October and November 2008 by 12.1 per cent and 9.9 per cent, respectively, the Reserve Bank said in its Macroeconomic and Monetary Developments Third Quarter Review 2008-09, released in Mumbai.
According to provisional data, the country's merchandise exports during April-November 2008 increased by 18.7 per cent while imports recorded a higher growth of 32.5 per cent.
This was largely due to rise in imports of petroleum, oil and lubricants (POL), RBI said, adding that "POL imports grew at an accelerated pace, reflecting the elevated international crude oil prices".
Non-oil imports showed a deceleration in growth during April-November 2008, it said.
In the April-September period, all major commodity groups except textiles, textile products and gems and jewellery showed accelerated growth in exports.
Engineering goods, agriculture and allied products and petroleum products were the main contributors of exports during April-September 2008.