India s exports contracts by 3.15 in March Missed last financial year target

India-s total exports contracted by 3.15% to USD 29.57 billion in March compared to same month last year while imports also dropped by 2.11% to USD 40 billion in March compared to the same period last year. With this, India-s trade deficit increased to a five-month high of USD 10.5 billion in the same month. The overall exports for financial year 2013-14 stood at USD 312.35 billion which fell short of the target of USD 325 billion fixed by the government for the period.

India's exports increased by just 3.98% to USD 312.35 billion in Financial Year 2013-14 while imports dropped by 8.11% to USD 450.94 billion during the same period. The trade deficit stood at USD 138.5 billion dollars in the last fiscal year compared to USD 190.3 billion in the previous financial year of 2012-13. The narrowing trade deficit should give more relief to the Government, which has been struggling to keep the current account deficit in check to avoid a foreign exchange crisis.