India’s exports down 5.7% in March

Reuters: India’s exports fell an annual 5.7 per cent to $ 28.7 billion in March, while imports rose 24.3 per cent to $ 42.6 billion, Government data showed on Tuesday.

The trade deficit was at $ 13.9 billion. Oil imports rose 32.5 per cent to $ 15.8 billion.

India’s exports rose an annual 21 per cent to $ 303.7 billion for the fiscal year 2011/12, while imports rose 32.2 per cent 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 per cent 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.