India’s exports recorded a healthy 27.59 per cent growth for the month of March 2017, according to the official data.
India has successfully maintained the momentum in its exports for seventh consecutive month in March.
According to data released by the Ministry of Commerce and Industry, exports grew by 27.59 per cent to $29.23 billion from $22.91 billion worth of merchandise shipped out during March 2016.
"Non-petroleum and non gems and jewellery exports in March 2017 were valued at $ 21,420.91 million against $ 17,071 million in March 2016, an increase of 25.5 per cent," the ministry said in a statement.
However, the country's imports during the month under review increased by 45.25 per cent to $39.66 billion.
India's oil imports during last month exponentially increased by 101.43 per cent to $9.71 billion. Non-oil imports were up by 33.21 per cent, to $29.95 billion, from $22.48 billion in the corresponding month of last year.
Consequently, the trade deficit during the month under review stood at $10.43 billion from $4.39 billion reported for March 2016.
Cumulatively for 2016-17 fiscal year, exports rose by 4.71 per cent in US dollar terms at $274.64 billion, as against $262.29 billion worth of merchandise shipped out in 2015-16.
In contrast, imports bill for the April-March 2016-17 period inched down by 0.17 per cent to $380.36 billion from $381 billion for 2015-16.
Accordingly, the trade deficit during the fiscal year under review stood at $105.72 billion from $118.71 billion in 2015-16.
(With IANS inputs)