New Delhi: India’s exports fell an annual 5.7 percent to $28.7 billion in March, while imports rose 24.3 percent to $42.6 billion, government data showed on Tuesday.
The trade deficit was at $13.9 billion. Oil imports rose 32.5 percent to $15.8 billion.
India’s exports rose an annual 21 percent to $303.7 billion for the fiscal year 2011/12, while imports rose 32.2 percent to $488.6 billion, figures released by the trade ministry showed. The trade deficit for the full fiscal year was $184.9 billion.
The trade deficit was at $13.9 billion. Oil imports rose 32.5 percent to $15.8 billion.
The data shows India has beaten its target of about 20 percent exports growth for the full fiscal year set by the government, despite a slowdown in the major export destinations such as the United States and Europe.
But the country’s high trade deficit could worsen its current account balance and further weaken the rupee.
Reuters
