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India’s exports and imports continue to fall in Mar

by ChemOrbis Editorial Team -
  • 19/04/2016 (15:11)
According to media reports, data from India’s Ministry of Commerce and Industry revealed that the country’s exports fell 5.5% to $22.7 billion in March, posting a sixteenth straight monthly decline. The fall was attributed to weak global demand as well as lower overseas shipments of petroleum products and engineering goods, which shrank by 21.4% to $2.1 billion and by 11.3% to $5.3 billion, respectively.

Imports, meanwhile, posted a larger decrease of 21.6% to reach $27.8 billion in March, bringing India’s trade deficit to $5.1 billion from $11.4 billion in March 2015. In March, oil imports declined 35.3% on the year to $4.8 billion while non-oil imports also dipped by 17.9% to $22.9 billion. Gold imports plunged 80.5% to $972.9 million compared with $4.9 billion in the same month of 2015.

In the April-March period, exports declined by 15.9% to $261.1 billion compared to $310.3 billion in the same period of the previous Indian fiscal year while imports slid 15.3% to $379.6 billion. In this period, India’s trade deficit was reported at $118.5 billion.
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