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Export growth plunges to 10.4% on global slowdown

Global financial turmoil and recessionary tendencies in major economies have impacted India's export growth, which slowed to 10.4 per cent in September even as the country increased its imports by 43.3 per cent over September 2007.

Outward shipments, which rose by 27 per cent in August, saw growth plunging to 10.4 per cent in September as the world bought less of Indian goods.

Exports for September totalled $13.74 billion.

According to the official data released on Monday, exports in rupee terms were up 24.7 per cent to Rs 62,541 crore.

Imports jumped 43.3 per cent in September to $24.38 billion, more than one-third of which was accounted for by oil imports. With global oil prices soaring, the country paid 57.1 per cent more for oil imports at $9.09 billion. Non-oil imports saw 36.2 pe r cent growth to $15.28 billion.

Trade deficit - surplus of imports over exports - more than doubled to $10.63 billion in September as opposed to $4.55 billion deficit in the same month the previous year.

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