New Delhi, April 13 (IANS) India’s exports during March inched lower by 0.66 per cent to $29.11 billion from $29.30 billion worth of merchandise shipped out during the corresponding month last year, widening the trade deficit, official data showed on Friday.
According to the data released by the Ministry of Commerce and Industry, exports during 2017-18 grew by 9.78 per cent to $302.84 billion from $275.85 billion reported for 2016-17.
The country’s imports during the month under review rose by 7.15 per cent to $42.80 billion in March 2018 from $39.95 billion in the like period of 2017.
Besides, the data revealed that imports during 2017-18 grew by 19.59 per cent to $459.67 billion from $384.36 billion reported for 2016-17.
Consequently, India’s merchandise trade deficit widened to $13.69 billion during last month as against $10.65 billion in the corresponding period the previous year.
Oil imports during the month in consideration at $11.11 billion, came in 13.92 percent higher than the same month a year ago.
The cumulative value of exports for the last fiscal (April-March) at $302.84 billion grew 9.78 per cent over the previous year at $275.85 billion.
As per Reserve Bank of India (RBI) in services for February the country had a positive trade balance of $5.57 billion.
Taking merchandise and services together, the overall trade deficit for April-March 2017-18 has been estimated at $87.17 billion, as compared to $ 47.70 billion during fiscal 2016-17.