India's exports revival picks up speed in March | Reuters

NEW DELHI A recovery in Indian exports gathered steam in March with a pick-up in demand for engineering and petroleum products, bolstering an economy still recovering from the government's cash clampdown. However, a surge in gold and crude oil imports widened the monthly trade deficit to a four-month high of $10.44 billion, data released by the government showed on Thursday.Merchandise exports grew 28 percent to $29.23 billion in March year-on-year, while imports rose 45.25 percent to $39.67 billion over the same period

Reuters April 13, 2017 22:00:08 IST
India's exports revival picks up speed in March
| Reuters

Indias exports revival picks up speed in March
 Reuters

NEW DELHI A recovery in Indian exports gathered steam in March with a pick-up in demand for engineering and petroleum products, bolstering an economy still recovering from the government's cash clampdown. However, a surge in gold and crude oil imports widened the monthly trade deficit to a four-month high of $10.44 billion, data released by the government showed on Thursday.Merchandise exports grew 28 percent to $29.23 billion in March year-on-year, while imports rose 45.25 percent to $39.67 billion over the same period.

The export numbers bode well for India's $2-trillion economy that is still smarting from Prime Minister Narendra Modi's decision in November to ban high-value currency notes.They will also cheer Modi who aims to lift India's share in global trade to 5 percent by 2020. Indian goods exports currently account for just 1.6 percent of global trade, compared with nearly 14 percent for China.

Higher volumes and prices doubled petroleum imports to $9.7 billion in March from a year ago. Gold imports surged by more than four times to $4.2 billion last month on restocking as well as demand from the marriage and festive season.

The trade deficit for the year ending in March declined to $105.72 billion from $118.7 billion in the previous year, the data showed.Thursday's figures come a day after the World Trade Organization (WTO) forecast an annual 2.4 percent growth in global trade this year despite "deep uncertainty" about economic and policy developments globally, particularly in the United States.Global trade grew by "an usually low" 1.3 percent in 2016, the slowest pace since the financial crisis, failing to match even its revised forecast of 1.7 percent of last September. (Reporting by Manoj Kumar and Rajesh Kumar Singh)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Rockets hit near U.S. forces and contractors in Iraq in separate attacks -officials
World

Rockets hit near U.S. forces and contractors in Iraq in separate attacks -officials

BAGHDAD (Reuters) - Rockets hit near U.S. forces and contractors in Iraq on Wednesday, including an air base north of Baghdad and a military base at Baghdad International Airport, the Iraqi army and security officials said. The army reported at least three rockets hit Balad air base, where U.S

Italian police probe subcontractor to Burberry over labour exploitation -warrant
World

Italian police probe subcontractor to Burberry over labour exploitation -warrant

By Silvia Ognibene and Silvia Aloisi FLORENCE, Italy (Reuters) -Italian police have arrested a Chinese couple accused of running a leather goods business which exploited immigrant workers it employed to make handbags for a Burberry supplier, according to an arrest warrant seen by Reuters. Tax police in Florence said in a statement that the two Chinese nationals were arrested on Wednesday as part of an investigation into alleged labour exploitation and tax fraud and that restrictive measures had been imposed on two other family members, including a ban on them leaving Italy

U.S. blacklists four Nicaraguans, including Ortega's daughter
World

U.S. blacklists four Nicaraguans, including Ortega's daughter

WASHINGTON (Reuters) - The United States on Wednesday blacklisted four Nicaraguans, including a daughter of President Daniel Ortega, as Washington warned it would continue to use diplomatic and economic tools against members of the leftist government engaged in repression. The U.S. State Department called on Ortega to release detained presidential candidates as well as other civil society and opposition leaders arrested over the past week in what Washington called "an increasing wave of repression." "There are costs for those who are complicit in the regime's repression.