18.4.15

Exports slide 21% in March


India's exports fell 21% in March -the steepest monthly decline in almost six years -as the value of oil shipments crashed almost 60% due to a collapse in global prices. But trade deficit widened marginally this March even as imports contracted 13.4%.
The latest data estimated merchandise exports at $23.9 billion in March compared to $30.3 billion a year ago. Similarly, imports fell to $35.7 billion in March 2015, as against $41.3 billion a year ago. As a result, trade deficit widened marginally to $11.8 billion this March, compared to $11.1 billion in the corresponding period a year ago. The poor performance in recent months meant that exports during the 2014-15 were estimated 1.2% lower at $310 billion, compared to the annual target of $340 billion.
On the import front, oil shipments were valued at $7.4 billion in March, 53% lower than a year ago. Gold imports almost doubled to nearly $5 billion, while silver shipments nearly trebled from $191 million in March 2014 to $561 million this March.

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