India's trade deficit dips to $6.76bn in Sept

India's exports grew 11.15 percent in September and imports declined 18.1 per cent amid a sharp fall in inward shipments of gold and silver, taking the trade deficit to the lowest level in 30 months.

Exports last month climbed to USD 27.68 billion, while imports stood at USD 34.4 billion, narrowing the trade gap to USD 6.76 billion.

"The trade deficit during the month was the lowest since March 2011. The main reason for decline in imports was a dip in imports of gold and oil," Commerce Secretary SR Rao told reporters here.

Imports of gold and silver plunged more than 80 per cent to USD 0.8 billion in September from USD 4.6 billion a year earlier. Oil imports declined by about 6 per cent to USD 13.19 billion.

During April-September, gold and silver imports rose 8.7 per cent to USD 23.1 billion.

Speaking to CNBC-TV18 , C Rangarajan, Chairman, PMEAC says: "It is very encouraging and it appears that the trade deficit is much lower and therefore we can see the further moderation in the CAD beyond what we had indicated earlier."