India: Exports contract in March
May 1, 2012
In March, the trade balance narrowed to a USD 13.9 billion deficit, down from the USD 15.2 billion deficit recorded in in the previous month. Imports amounted to USD 42.6 billion, which represents a 24.3% increase over the same month last year, up from the 20.6% rise recorded in February. Meanwhile, exports rose from USD 24.6 billion in February to USD 28.7 billion in March. The figure represents a 5.7% decline in annual terms, which contrasts the 4.3% expansion observed in February. For the fiscal year 2011/12, which ended in 31 March, exports amounted to USD 303.7* billion. The figure represented a 20.9% increase over the previous year and exceeded the government's USD 300 billion target. India has set an export target of USD 500 billion for the fiscal year 2013/14.