India's trade deficit widens on lower exports

India's trade deficit widens on lower exports

India's trade deficit widened to $10.50 billion in March from $8.13 billion in the previous month due to lower exports, government data showed Friday.

The country's exports fell by 3.15 percent to $29.57 billion in March as compared to $30.54 billion recorded in the same month of last year. 

Imports dropped by 2.11 percent to $40.08 billion in March, leaving the monthly trade gap of $10.50 billion, according to data released by the commerce and industry ministry here. 

For the whole financial year 2013-14, exports stood at $312.35 billion, up 3.98 percent from the previous year's $300.40 billion. 

Total value of imports for the fiscal 2013-14 was $450.94 billion, 8.11 percent lower from $490.73 billion recorded in the previous year. 

Trade deficit for the fiscal ended March 31, 2014 was substantially lower than the previous year. Trade deficit narrowed to $138.59 billion in 2013-14 from $190.33 billion recorded in the previous year. 

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