India’s goods exports down 21 percent in March

New Delhi: India’s merchandise exports in March at $23.95 billion took a major hit and were down 21 percent from the same month of last year, official data showed today.

In the process, the country’s trade deficit for March stood at its highest since November last at Rs.$11.87 billion, as against $10.95 billion for the like month of the previous fiscal, as per data released by the commerce ministry.

While the trade deficit was $6.85 billion in February, for the whole year 2014-15 it rose slightly to $137.01 billion as against $135.7 billion a year ago.

March exports were at $23.95 billion as against $30.34 billion a year ago. The March imports were at $35.74 billion as compared to $41.29 billion in the same month a year ago.

For the fiscal 2014-15, imports rose to $447.5 billion, down 0.6 percent year-on-year.

The year’s cumulative exports came in at $310.5 billion, which is 1.2 percent lower year-on-year.

Crude oil imports for the fiscal were reported at $138.3 billion, down 16.1 percent year-on-year on the back of a significant softening of international prices.

Fiscal 2014-15 non-oil imports rose to $309 billion, up 8.4 percent year-on-year.