May 02, 2012, 08.25 AM | Source: Reuters
India's exports fell an annual 5.7% to USD 28.7 billion in March, while imports rose 24.3% to USD 42.6 billion, government data showed on Tuesday.
The trade deficit was at USD13.9 billion. Oil imports rose 32.5% to USD 15.8 billion.
India's exports rose an annual 21% to USD 303.7 billion for the fiscal year 2011/12, while imports rose 32.2% to USD 488.6 billion, figures released by the trade ministry showed. The trade deficit for the full fiscal year was USD 184.9 billion.
The data shows India has beaten its target of about 20% exports growth for the full fiscal year set by the government, despite a slowdown in the major export destinations such as the United States and Europe.
But the country's high trade deficit could worsen its current account balance and further weaken the rupee.