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Exports down 5.7% in March at $28.7 bn – High trade deficit of $14 bn could worsen India’s current account balance and further weaken the rupee

This article was posted on May 1, 2012 and is filed under Market News

India’s exports fell an annual 5.7% to $28.7 billion in March, while imports rose 24.3% to $42.6 billion, government data showed on Tuesday.

The trade deficit was at $13.9 billion. Oil imports rose 32.5% to $15.8 billion.

India’s exports rose an annual 21% to $303.7 billion for FY12, while imports rose 32.2% to $488.6 billion, figures released by the trade ministry showed. The trade deficit for the full fiscal was $184.9 billion.

The data shows India has beaten its target of about 20% exports growth for the full fiscal 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.

Source: Business Standard

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