New Delhi: India's merchandise exports grew 11.02 per cent, on a year-on-year (YoY) basis in March, to $32.55 billion from $29.32 billion reported for the corresponding month of last year, official data showed on Monday.
"Exports in March 2019 were $32.55 billion, as compared to $29.32 billion in March 2018, exhibiting a positive growth of 11.02 per cent," the Commerce Ministry said.
"Cumulative value of exports for the period April-March 2018-19 was $331.02 billion as against $303.53 billion during the period April-March 2017-18, registering a positive growth of 9.06 per cent in dollar terms."
As per the data, inorganic chemicals, engineering goods and drugs and pharmaceuticals showed high export growth during the month under review.
On the other hand, imports were flat in March, growing only 1.44 per cent to $43.44 billion, from $42.82 billion reported for the corresponding month of 2018.
"Cumulative value of imports for the period April-March 2018-19 was $507.44 billion, as against $465.58 billion during the period April-March 2017-18, registering a positive growth of 8.99 per cent in dollar terms," the Ministry said.
Besides, the Commerce Ministry data showed that trade deficit last month stood at $10.89 billion, down from a deficit of $13.51 billion in March last year.
For the fiscal 2018-19, the deficit stood at $176.42 billion from $162.05 billion in 2017-18.
According to Mahesh Y. Reddy, Secretary General, PHD Chamber of Commerce and Industry, trade facilitation measures and reforms in the ease of doing business have supported significantly to increase export competitiveness in the international markets.
The further improvement in logistics infrastructure and trade facilitation measures would enhance the exports growth trajectory and create millions of new job opportunities, Reddy said.