India’s trade deficit declines 5.07 billion dollars in March

Workers signal to a mobile crane operator as he moves a container to stack it at Thar Dry Port in SanandNEW DELHI: India’s trade deficit touched 5.07 billion dollars in March from February’s 6.54 billion. It is attributed to fall in global crude oil prices. On year on year basis, the deficit was down to 118.46 billion dollars from 137.69 billion.

According to data released by the Commerce Ministry, exports contracted by 5.47 per cent to 22.71 billion dollars in March, against 24.03 billion dollars in March last year.

The cumulative exports for the 2015-2016 financial year was 261 billion dollars. Imports also declined by 21.56 per cent to 27.78 billion dollars in March as compared to last year when it was 35.42 billion dollars. Gold imports dip 80.48 per cent to 972.9 million dollars in March.

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