India added $10.44 billion to its merchandise trade deficit in March, taking the annual trade deficit for April-March 2016-17 to an estimated $105.72 billion, which, however, is 10.95% lower compared to the deficit of $118.72 billion during April-March 2015-16.
While exports in March grew at 25.41%, continuing the double-digit growth exhibited during February 2017, imports continued to grow at a faster pace of 45.25% in dollar terms, domain.com reported.
Exports during March 2017 have shown a significant growth of 27.59% in dollar terms at $29.23 billion compared to $22.91 billion during March 2016.
Cumulative exports from the country during April-March 2016-17 were valued at $274.64 billion (Rs1,841,314.39 crore) against $262.29 billion (Rs1,716,377.99 crore)—a growth of 4.71% in dollar terms and a growth of 7.28% in rupee terms over the same period last year.
Non-petroleum and non-gems and jewelry exports in March 2017 were valued at $21.42 billion against $17.07 billion in March 2016, an increase of 25.5%. Non-petroleum and non-gems and jewelry exports during April-March 2016-17 were valued at $200.56 billion compared to $192.42 billion for the corresponding period in 2016, an increase of 4.2%.
Imports during March 2017 were valued at $39.67 billion (Rs261,327.71 crore) which was 45.25% higher in dollar terms and 42.77% higher in rupee terms over the level of imports valued at $27.31 billion (Rs183,038.67 crore) in March 2016.
Cumulative imports into the country during April-March 2016-17 stood at $380.37 billion (Rs2,550,926.19 crore) against $381 billion (Rs2,490,298.03 crore), which was however lower by 0.17% in dollar terms and higher by 2.43% in rupee terms over the same period last year.
Oil imports during March 2017 were valued at $9.71 billion, which was 101.43% higher than oil imports valued at $4.82 billion in March 2016.
Oil imports during April-March 2016-17 were valued at $86457.87 million which was 4.24% higher than oil imports worth $82.94 billion in the corresponding period last year.
Non-oil imports during March 2017 were estimated at $29.96 billion, which was 33.21% higher than non-oil imports of $22.49 billion in March 2016. Non-oil imports during April-March 2016-17 were valued at $293.91 billion, which was 1.39% lower than the level of such imports valued at $298.06 billion in April-March 2015-16.
