India’s exports fell by 5.71 per cent to $28.68 billion in March while imports surged 24.28 per cent to $42.58 billion, leaving a monthly trade deficit of $13.9 billion, says an IANS report.
Despite a year on year decline in March, India’s exports surpassed the $300 billion target in 2011-12. Total exports grew by 20.94 per cent to $303.71 billion.
The government had set an exports target of $300 billion for the financial year ended March 31.India managed to exceed the export target helped by product and market diversification strategy.
Imports grew by 24.28 per cent to $42.58 billion in March 2012 as compared to $34.26 billion recorded during the corresponding month of previous year, according to data released by the ministry of commerce and industry.
Total imports in 2011-12 grew to $488.64 billion, 32.15 per cent higher than the $369.76 billion recorded in the previous year. Trade deficit widened to a record $184.92 billion in 2011-12, substantially higher than the government’s target of $150 billion, and $118.63 billion deficit recorded in the previous fiscal.
Electronics showed a healthy performance with exports up 9.2 per cent at $9 billion. Imports of electronics goods grew by 23 per cent to $32.7 billion.