Exports drop 0.66% in March ; trade deficit widens

New Delhi: India’s exports dipped after a gap of four months in March but finished 2017-18 with a healthy rise of 9.78% to $302.84 billion.

The 0.66% decline during March was mainly on account of contraction in shipments of key sectors such as petroleum and gems and jewellery.

The last time exports fell was in October 2017, when they had declined by 1.12%.

Imports during the month under review rose by 7.15% to $42.8 billion, leaving a trade deficit of $13.69 billion, according to data released by the Commerce Ministry on Friday.

During 2017-18, imports increased by 19.59% to $459.67 billion and the trade deficit widened to $156.83 billion during the fiscal as compared to $108.5 billion in 2016-17.

Merchandise exports crossed the $300-billion mark in 2017-18 after a gap of two financial years. The figure stood at $310.30 in 2014-15.