Exports Increase by 27.6 Percent in March Imports up 45 Percent
NEW DELHI: India’s merchandise exports increased at the fastest pace in almost six years in March led by an overall rise in shipments across sectors even as a steeper rise imports due to firmer commodity prices widened the trade deficit.
Buoyed by petroleum, textiles, engineering goods and gems and jewellery, exports zoomed 27.59% in March to $29.2 billion but a 45.25% increase in imports on the back of higher gold imports led to a trade gap of $10.4 billion.
This is the seventh consecutive month of rise in exports this year. Twenty-five out of 30 sectors showed an increase in exports led by iron ore. India’s imports in March were $39.6 billion of which gold imports were $4.1 billion, up 329% year-on-year. Imports too rose at a six-year high.
“In continuation with the double digit growth exhibited by exports during February 2017, exports during March 2017 have shown a significant growth…Overall the trade balance has improved,” commerce and industry ministry said in a statement on Thursday.
However, the robust monthly data failed to boost annual exports to the $300-billion mark.