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In March, goods exports are estimated to have declined 0.7% to $41.7 billion, while imports fell nearly 6% to $57.3 billion, resulting in a trade deficit of $15.6 billion, the lowest since last May, latest data released by the commerce department on Monday showed.For the full year, it estimated a record $776.7 billion of goods and services exports during the last financial year, while combined imports were around $855 billion.
“Goods and services exports have crossed last year’s level (of $776.4 billion) despite so many odds. While there was some fall on the merchandise (goods) side, it was much less than what was anticipated. Now we have moved into a positive cycle of growth,” commerce secretary Sunil Barthwal told reporters. Govt also drew comfort from the trade balance with China improving as exports of iron ore and cotton yarn drove up the value of shipments, while imports from the neighbouring country into India slowed.
While petroleum products were the biggest drag on the export performance, falling 14% to $84 billion during the last financial year, partly due to sliding global prices, electronics and pharma emerged as the star performers. Thanks to phones, electronics goods exports rose 23.6% to over $29 billion, while pharma shipments out of the country are estimated to have increased 9.7% to $27.8 billion. Engineering goods shipments topped $109 billion, reporting a 2.1% rise.
On the import front too, crude imports were down 14% at 179.6 billion.
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