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 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.