India’s merchandise trade deficit for March widened from a year ago, as exports continued to fall, figures from the Ministry of Commerce and Industry showed Friday.
The trade deficit for March worsened to $11.79 billion from $10.95 billion in the same month last year. Exports declined 21.06 percent and imports fell 13.44 percent.
During the financial year ended March 31, the trade deficit widened to $137.01 billion from $135.79 billion in the previous year. Exports dropped 1.23 percent and imports fell 0.59 percent.
Oil imports tumbled 52.68 percent annually for the month of March and were down 16.09 percent for the financial year.
Meanwhile, non-oil imports for March grew 10.55 percent from a year ago and were higher by 8.35 percent for the full year.
Citing data from the Reserve Bank of India, the ministry said services trade showed a surplus of $6.20 billion for February.
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