India’s exports contracted by 21.06 percent to $ 23.95 billion, while imports fell by 13.44 percent to $ 35.74 billion in March that led to trade deficit to its highest level in four months at $11.79 billion, as exports continued to fall, underscoring risks for growth prospects in Asia’s third largest economy. For the whole 2014-15, trade deficit widened to $ 137 billion.
Cumulative value of exports during April-March 2014-15 was $310.53 billion, as against $314.41 billion, down 1.23 percent, over the same period last year, while cumulative value of imports during April-March 2014-15 was $ 447.54 billion, as against $ 450.21 billion, down 0.59 percent, over the same period last year.
According to the Commerce Ministry data, the trade deficit for April-March, 2014-15 was estimated at $ 137.014 billion which was higher than the deficit of $ 135.79 billion during April-March, 2013-14.
Although, a plunge in global prices of crude oil by nearly half since last June, lessened India’s import bill but a drop in exports in recent months continued to weigh on the trade. Oil imports contracted 53 percent to $7.4 billion, while non-oil imports that signal economic activity in the domestic economy remained barely changed at $22.8 billion. On the other hand Petroleum exports fell 60 percent in March to $2.4 billion and jems and jewellery, pharmaceuticals, chemicals and engineering goods contracted by 8.36 percent, 2.03 percent, 5.36 percent and 2.55 percent, respectively.