India's March Exports Up By Over 27 Pct


NEW DELHI: India's exports revival continued for the seventh straight month, recording 27.59 pct growth during March 2017, official data showed on Thursday.

According to data released by the Ministry of Commerce and Industry, exports grew by 27.59 pct to $29.23 billion from $22.91 billion worth of merchandise shipped out during March 2016.

"Non-petroleum and non gems and jewellery exports in March 2017 were valued at $ 21,420.91 million against $ 17,071 million in March 2016, an increase of 25.5 pct," the ministry said in a statement.

However, the country's imports during the month under review increased by 45.25 pct to $39.66 billion.

India's oil imports during last month exponentially increased by 101.43 pct to $9.71 billion. Non-oil imports were up by 33.21 pct, to $29.95 billion, from $22.48 billion in the corresponding month of last year.

Consequently, the trade deficit during the month under review stood at $10.43 billion from $4.39 billion reported for March 2016.

Cumulatively for 2016-17 fiscal year, exports rose by 4.71 pct in US dollar terms at $274.64 billion, as against $262.29 billion worth of merchandise shipped out in 2015-16.

In contrast, imports bill for the April-March 2016-17 period inched down by 0.17 pct to $380.36 billion from $381 billion for 2015-16.

Accordingly, the trade deficit during the fiscal year under review stood at $105.72 billion from $118.71 billion in 2015-16.

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Source: IANS